UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______________ to __________________.

Commission File No. 0-13660

Seacoast Banking Corporation of Florida

(Exact Name of Registrant as Specified in its Charter)

Florida	59-2260678
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

815 COLORADO AVENUE,	STUART	FL	34994
(Address of Principal Executive Offices)			(Zip Code)

	(772)	287-4000
(Registrant’s Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

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

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

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

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

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

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

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

Common Stock, $0.10 Par Value – 87,854,715 shares outstanding as of July 31, 2025

INDEX

 SEACOAST BANKING CORPORATION OF FLORIDA

	Glossary of Defined Terms	3
Part I	FINANCIAL INFORMATION
Item 1.	Financial Statements (Unaudited)
	Consolidated statements of income – Three and six months ended June 30, 2025 and 2024	4
	Consolidated statements of comprehensive income – Three and six months ended June 30, 2025 and 2024	6
	Consolidated balance sheets - June 30, 2025 and December 31, 2024	7
	Consolidated statements of cash flows – Six months ended June 30, 2025 and 2024	8
	Consolidated statements of shareholders’ equity - Three and six months ended June 30, 2025 and 2024	10
	Notes to Consolidated Financial Statements	12
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	32
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	54
Item 4.	Controls and Procedures	55
Part II	OTHER INFORMATION
Item 1.	Legal Proceedings	55
Item 1A.	Risk Factors	55
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 3.	Defaults upon Senior Securities	56
Item 4.	Mine Safety Disclosures	56
Item 5.	Other Information	56
Item 6.	Exhibits	56
SIGNATURES		58

2

Glossary of Defined Terms
Term	Definition	Term	Definition
AFS	Available-for-sale	GAAP	Accounting principles generally accepted in the United States of America
ALCO	Asset and Liability Management Committee	Heartland	Heartland Bancshares, Inc.
ASC	Accounting Standards Codification	HELOC	Home equity line of credit
ASU	Accounting Standards Update	HTM	Held-to-maturity
BHC	Bank Holding Company	LTV	Loan-to-value
BOLI	Bank owned life insurance	Moody's	Moody's Analytics
CET1	Common equity tier 1	NAV	Net Asset Value
CLO	Collateralized loan obligation	NPA	Nonperforming asset
CRA	Community Reinvestment Act	OCC	Office of the Comptroller of the Currency
CRE	Commercial Real Estate	OREO	Other real estate owned
EPS	Earnings per share	PCD	Purchased credit deteriorated
ESG	Environmental, social and governance	REIT	Real estate investment trust
EVE	Economic value of equity	ROUA	Right-of-use asset
FASB	Financial Accounting Standards Board	SBIC	Small business investment companies
FDIC	Federal Deposit Insurance Corporation	SEC	Securities and Exchange Commission
FHLB	Federal Home Loan Bank	SOFR	Secured Overnight Financing Rate
FICO	Fair Isaac Corporation (credit score)	TBM	Troubled borrower modification
FRB	Federal Reserve Board	VBI	Villages Bancorporation, Inc.
FTE	Fully taxable equivalent	XBRL	eXtensible Business Reporting Language

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Part I. FINANCIAL INFORMATION

Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

	Three Months Ended June 30,				Six Months Ended June 30,
(In thousands, except per share data)	2025		2024		2025		2024
Interest and fees on loans	$	157,075	$	147,292	$	307,715	$	294,387
Interest and dividends on securities	32,512		24,188		61,927		46,615
Interest on interest bearing deposits and other investments	3,760		8,328		7,960		14,512
Total Interest Income	193,347		179,808		377,602		355,514
Interest on deposits	40,633		51,319		84,259		98,853
Interest on time certificates	15,120		17,928		30,093		35,049
Interest on borrowed money	10,730		6,137		17,869		12,110
Total Interest Expense	66,483		75,384		132,221		146,012
Net Interest Income	126,864		104,424		245,381		209,502
Provision for credit losses	4,379		4,918		13,629		6,286
Net Interest Income after Provision for Credit Losses	122,485		99,506		231,752		203,216
Noninterest income:
Service charges on deposit accounts	5,540		5,342		10,720		10,302
Interchange income	1,895		1,940		3,702		3,828
Wealth management income	4,196		3,766		8,444		7,306
Mortgage banking fees	685		582		1,089		963
Insurance agency income	1,289		1,355		2,909		2,646
BOLI income	3,380		2,596		5,848		4,860
Other	7,497		6,647		13,754		12,591
	24,482		22,228		46,466		42,496
Securities gains (losses), net	39		(44)		235		185
Total Noninterest Income	24,521		22,184		46,701		42,681
Noninterest expense:
Salaries and wages	44,438		38,937		86,686		79,241
Employee benefits	8,106		6,861		16,967		14,750
Outsourced data processing costs	8,525		8,210		17,029		20,328
Occupancy	7,483		7,180		14,833		15,217
Furniture and equipment	2,125		1,956		4,253		3,967
Marketing	2,958		3,266		5,706		5,921
Legal and professional fees	2,071		1,982		4,811		4,133
FDIC assessments	2,108		2,131		4,302		4,289
Amortization of intangibles	5,131		6,003		10,440		12,295
OREO expense and net loss (gain) on sale	8		(109)		249		(135)
Provision for credit losses on unfunded commitments	150		251		300		501
Merger-related charges	2,422		—		3,473		—
Other	6,205		5,869		13,278		12,401
Total Noninterest Expense	91,730		82,537		182,327		172,908
Income Before Income Taxes	55,276		39,153		96,126		72,989

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Income tax expense	12,589		8,909		21,975		16,739
Net Income	$	42,687	$	30,244	$	74,151	$	56,250
Net income per share of common stock
Diluted	$	0.50	$	0.36	$	0.87	$	0.66
Basic	0.50		0.36		0.87		0.67
Average common shares outstanding
Diluted	85,479		84,816		85,454		84,799
Basic	84,903		84,341		84,776		84,260

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)

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

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS (Unaudited)

	June 30, 2025		December 31, 2024
(In thousands, except share data)
Assets
Cash and due from banks	$	181,565	$	171,615
Interest bearing deposits with other banks	150,863		304,992
Total cash and cash equivalents	332,428		476,607
Time deposits with other banks	1,494		3,215
Debt securities:
Securities AFS (at fair value)	2,866,185		2,226,543
Securities HTM (fair value $503.2 million at June 30, 2025 and $507.6 million at December 31, 2024)	613,312		635,186
Total debt securities	3,479,497		2,861,729
Loans held for sale	8,610		17,277
Loans	10,608,824		10,299,950
Allowance for credit losses	(142,184)		(138,055)
Loans, net of allowance for credit losses	10,466,640		10,161,895
Bank premises and equipment, net	107,256		107,555
OREO	5,335		6,421
Goodwill	732,417		732,417
Other intangible assets, net	61,328		71,723
BOLI	312,860		308,995
Net deferred tax assets	87,328		102,989
Other assets	349,762		325,485
Total Assets	$	15,944,955	$	15,176,308
Liabilities
Deposits	$	12,497,598	$	12,242,427
Securities sold under agreements to repurchase	186,090		232,071
FHLB borrowings	715,000		245,000
Long-term debt, net	107,298		106,966
Other liabilities	167,404		166,601
Total Liabilities	13,673,390		12,993,065
Shareholders’ Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 86,730,472 and outstanding 85,947,551 at June 30, 2025, and authorized 120,000,000, issued 86,284,017 and outstanding 85,567,712 shares at December 31, 2024	8,673		8,628
Additional paid-in capital	1,832,158		1,824,935
Retained earnings	569,833		526,642
Treasury stock	(20,792)		(19,095)
	2,389,872		2,341,110
Accumulated other comprehensive loss, net	(118,307)		(157,867)
Total Shareholders’ Equity	2,271,565		2,183,243
Total Liabilities and Shareholders’ Equity	$	15,944,955	$	15,176,308

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended June 30,
(In thousands)	2025		2024
Cash Flows from Operating Activities
Net income	$	74,151	$	56,250
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	4,425		4,262
Accretion of discounts on securities, net	(1,974)		(1,455)
Amortization of operating lease ROUAs	4,487		4,087
Other amortization and accretion, net	1,280		1,068
Stock-based compensation	6,996		6,105
Origination of loans designated for sale	(44,862)		(58,002)
Sale of loans designated for sale	56,171		59,240
Provision for credit losses	13,629		6,286
Deferred income taxes	3,195		6,933
Gains on securities	(235)		(185)
Gains on sale of loans	(3,025)		(3,435)
Gains on sale of OREO, net of write-downs	(109)		(135)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to OREO	94		289
Changes in operating assets and liabilities, net of effects from acquired companies:
Net (increase) decrease in other assets	(11,699)		7,204
Net increase (decrease) in other liabilities	809		(6,977)
Net cash provided by operating activities	$	103,333	$	81,535
Cash Flows from Investing Activities
Maturities and repayments of debt securities AFS	208,717		144,875
Maturities and repayments of debt securities HTM	21,920		22,328
Proceeds from sale of debt securities AFS	—		86,829
Purchases of debt securities AFS	(794,370)		(376,726)
Maturities and redemptions of time deposits with other banks	1,721		1,483
Purchases of time deposits with other banks	—		(3,482)
Net new loans and principal repayments	(323,887)		12,219
Proceeds from the sale of loans held for investment	14,510		10,905
Proceeds from sale of OREO	2,707		2,654
Proceeds from sale of FHLB and Federal Reserve Bank stock	22,802		11,310
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
Additions to bank premises and equipment	(4,637)		(2,939)
Net cash used in investing activities	$	(894,317)	$	(103,978)

 See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

	Six Months Ended June 30,
(In thousands)	2025		2024
Cash Flows from Financing Activities
Net increase in deposits	$	255,171	$	339,184
Net decrease in repurchase agreements	(45,981)		(112,470)
Net increase of FHLB borrowings with original maturities of three months or less	100,000		—
Repayments of FHLB borrowings with original maturities of more than three months	(30,000)		(160,000)
Proceeds from FHLB borrowings with original maturities of more than three months	400,000		290,000
Stock-based employee benefit plans	(1,425)		(298)
Repurchase of common stock	—		(880)
Dividends paid	(30,960)		(30,750)
Net cash provided by financing activities	$	646,805	$	324,786
Net (decrease) increase in cash and cash equivalents	(144,179)		302,343
Cash and cash equivalents at beginning of period	476,607		447,182
Cash and cash equivalents at end of period	$	332,428	$	749,525
Supplemental disclosure of cash flow information:
Cash paid for interest	$	132,851	$	144,396
Cash paid for taxes, net	5,380		5,888
Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations	7,796		—
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations	7,796		—
Supplemental disclosure of non-cash investing activities:
Transfers from loans to OREO	1,116		953
Transfers from bank premises to OREO	—		883

See notes to unaudited consolidated financial statements.

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

	Common Stock			Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)
(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 Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)
(In thousands)	Shares	Amount										Total
Balance at December 31, 2024	85,568	$	8,628	$	1,824,935	$	526,642	$	(19,095)	$	(157,867)	$	2,183,243
Comprehensive income	—	—		—		74,151		—		39,560		113,711
Stock-based compensation expense	—	—		6,996		—		—		—		6,996
Common stock transactions related to stock-based employee benefit plans	380	45		227		—		(1,697)		—		(1,425)
Dividends on common stock ($0.36 per share)	—	—		—		(30,960)		—		—		(30,960)
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 Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other 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
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

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	Common Stock			Additional Paid-in Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)
(In thousands)	Shares	Amount										Total
Balance at December 31, 2023	84,861	$	8,486	$	1,808,883	$	467,305	$	(16,710)	$	(159,878)	$	2,108,086
Comprehensive income (loss)	—	—		—		56,250		—		(8,132)		48,118
Stock-based compensation expense	—	—		6,105		—		—		—		6,105
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)
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

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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 – Basis of Presentation

Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. GAAP for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, the financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.

Operating results for the three and six months ended June 30, 2025, are not necessarily indicative of the results that may be expected for the year ending December 31, 2025, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues, and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include the determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements.

Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure of specific categories in the income tax rate reconciliation and requires additional information for reconciling items that meet a quantitative threshold. The standard requires an annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of the standard to have a material impact on its disclosures.

In November 2024, the FASB issued ASU 2024-03, Expense Disaggregation Disclosures. ASU 2024-03 requires disclosure to disaggregate prescribed expenses within relevant income statement captions. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the changes to its existing disclosures.

Note 2 – Earnings per Share

Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method.

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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 EPS
Net income	$	42,687	$	30,244	$	74,151	$	56,250
Average common shares outstanding	84,903		84,341		84,776		84,260
Net income per share	$	0.50	$	0.36	$	0.87	$	0.67
Diluted EPS
Net income	$	42,687	$	30,244	$	74,151	$	56,250
Average common shares outstanding	84,903		84,341		84,776		84,260
Add: 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
Net income per share	$	0.50	$	0.36	$	0.87	$	0.66

Note 3 – Securities

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

	June 30, 2025
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	25,237	$	219	$	(377)	$	25,079
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	2,338,389		12,783		(157,623)		2,193,549
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	272,432		3,760		(7,140)		269,052
Private mortgage-backed securities and collateralized mortgage obligations	113,420		281		(6,289)		107,412
CLOs	257,962		540		(597)		257,905
Obligations of state and political subdivisions	7,141		—		(1,400)		5,741
Other debt securities	7,389		58		—		7,447
Totals	$	3,021,970	$	17,641	$	(173,426)	$	2,866,185
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	525,437	$	—	$	(102,879)	$	422,558
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,875		—		(7,246)		80,629
Totals	$	613,312	$	—	$	(110,125)	$	503,187

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	December 31, 2024
(In thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
AFS Debt Securities
U.S. Treasury securities and obligations of U.S. government agencies	$	28,233	$	29	$	(522)	$	27,740
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	1,777,274		1,237		(190,536)		1,587,975
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	206,537		1,195		(10,283)		197,449
Private mortgage-backed securities and collateralized mortgage obligations	129,475		149		(8,382)		121,242
CLOs	278,342		788		(166)		278,964
Obligations of state and political subdivisions	7,139		—		(1,449)		5,690
Other debt securities	7,389		94		—		7,483
Totals	$	2,434,389	$	3,492	$	(211,338)	$	2,226,543
HTM Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	546,444	$	—	$	(117,620)	$	428,824
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	88,742		—		(9,972)		78,770
Totals	$	635,186	$	—	$	(127,592)	$	507,594

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

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

The amortized cost and fair value of securities HTM and AFS as of June 30, 2025, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.

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	Held-to-Maturity				Available-for-Sale
(In thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in less than one year	$	—	$	—	$	103	$	101
Due after one year through five years	—		—		6,085		6,101
Due after five years through ten years	—		—		9,584		9,708
Due after ten years	—		—		16,606		14,910
	—		—		32,378		30,820
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	525,437		422,558		2,338,389		2,193,549
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	87,875		80,629		272,432		269,052
Private mortgage-backed securities and collateralized mortgage obligations	—		—		113,420		107,412
CLOs	—		—		257,962		257,905
Other debt securities	—		—		7,389		7,447
Totals	$	613,312	$	503,187	$	3,021,970	$	2,866,185

The estimated fair value of a security is determined based on market quotations, when available, or, if not available, by using quoted market prices for similar securities, pricing models, or discounted cash flow analyses, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.

	June 30, 2025
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	373	$	(1)	$	15,491	$	(376)	$	15,864	$	(377)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	362,289		(4,647)		711,043		(152,976)		1,073,332		(157,623)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	—		—		94,901		(7,140)		94,901		(7,140)
Private mortgage-backed securities and collateralized mortgage obligations	—		—		89,909		(6,289)		89,909		(6,289)
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)
Totals	$	471,770	$	(5,219)	$	924,183	$	(168,207)	$	1,395,953	$	(173,426)
1Comprised of 362 individual securities.

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	December 31, 2024
	Less Than 12 Months				12 Months or Longer				Total1
(In thousands)	Fair Value		Unrealized Losses		Fair Value		Unrealized Losses		Fair Value		Unrealized Losses
U.S. Treasury securities and obligations of U.S. government agencies	$	4,825	$	(13)	$	18,060	$	(509)	$	22,885	$	(522)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	648,967		(7,578)		739,363		(182,958)		1,388,330		(190,536)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	13,200		(222)		107,041		(10,061)		120,241		(10,283)
Private mortgage-backed securities and collateralized mortgage obligations	7,178		(16)		101,242		(8,366)		108,420		(8,382)
CLOs	43,410		(152)		7,596		(14)		51,006		(166)
Obligations of state and political subdivisions	319		(15)		5,371		(1,434)		5,690		(1,449)
Totals	$	717,899	$	(7,996)	$	978,673	$	(203,342)	$	1,696,572	$	(211,338)
1Comprised of 377 individual securities.

At June 30, 2025, the Company had unrealized losses of $0.4 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $15.9 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had unrealized losses of $164.8 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.2 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $6.3 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $89.9 million. The securities have weighted-average credit support of 22%. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

At June 30, 2025, the Company had $0.6 million of unrealized losses in floating rate CLOs having a fair value of $116.2 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of June 30, 2025, all positions held by the Company are in AAA and AA tranches, with weighted-average credit support of 37% and 26%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

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At June 30, 2025, the Company had $1.4 million of unrealized losses on municipal securities having a fair value of $5.7 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of June 30, 2025, no allowance for credit losses has been recorded.

All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of June 30, 2025, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity.

Included in Other Assets at June 30, 2025 and December 31, 2024 is $100.2 million and $77.3 million, respectively, of FHLB and Federal Reserve Bank stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $11.5 million and $1.0 million, respectively, at June 30, 2025, and $9.2 million and $1.0 million, respectively, at December 31, 2024, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.8 million and $13.5 million at June 30, 2025 and December 31, 2024, respectively.

Note 4 – Loans

Loans held for investment are categorized into the following segments:

•Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including commercial, 1-4 family residential, multi-family, and non-farm residential properties where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property.

•CRE - owner occupied: Loans are extended to commercial customers for the purpose of acquiring or refinancing real estate to be occupied by the borrower’s business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property.

•CRE - non-owner occupied: Loans are extended to commercial customers for the purpose of acquiring or refinancing commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from third parties or from the sale of the property.

•Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable rate mortgages, home equity mortgages, and HELOCs. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Sources of repayment are largely dependent on the occupant of the residential property.

•Commercial and financial: Loans are extended to commercial customers. The purpose of the loans can be working capital, physical asset expansion, asset acquisition, or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower’s business. Commercial loans are based primarily on the historical and projected cash flow of the borrower’s business and secondarily on the capacity of credit enhancements, guarantees, and underlying collateral provided by the borrower.

•Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized.

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

	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
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
Commercial and financial	1,559,314		165,207		16,637		1,741,158
Consumer	146,796		36,128		163		183,087
Totals	$	8,071,618	$	2,393,010	$	144,196	$	10,608,824

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

The amortized cost basis of loans included net deferred costs of $45.6 million at June 30, 2025 and $43.9 million at December 31, 2024. At June 30, 2025, the remaining fair value adjustments on acquired loans were $108.5 million, or 4.1% of the outstanding acquired loan balances, compared to $128.1 million, or 4.3% of the acquired loan balances at December 31, 2024. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.

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

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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 30-59 Days Past Due		Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
Portfolio Loans
Construction and land development	$	560,311	$	—	$	—	$	—	$	817	$	561,128
CRE - owner occupied	1,301,534		838		—		—		10,797		1,313,169
CRE - non-owner occupied	2,513,812		586		—		—		11		2,514,409
Residential real estate	1,965,284		4,182		326		—		7,010		1,976,802
Commercial and financial	1,549,656		704		982		—		7,972		1,559,314
Consumer	146,102		307		45		—		342		146,796
Total Portfolio Loans	$	8,036,699	$	6,617	$	1,353	$	—	$	26,949	$	8,071,618
Acquired Non-PCD Loans
Construction and land development	$	40,782	$	24	$	—	$	—	$	619	$	41,425
CRE - owner occupied	431,451		2,109		—		255		3,721		437,536
CRE - non-owner occupied	1,020,834		62		—		—		3,885		1,024,781
Residential real estate	676,375		1,119		282		—		10,157		687,933
Commercial and financial	162,079		123		3		—		3,002		165,207
Consumer	33,315		—		—		—		2,813		36,128
Total Acquired Non-PCD Loans	$	2,364,836	$	3,437	$	285	$	255	$	24,197	$	2,393,010
PCD Loans
Construction and land development	$	40	$	—	$	—	$	—	$	486	$	526
CRE - owner occupied	26,481		—		—		—		1,744		28,225
CRE - non-owner occupied	76,852		2,098		—		—		6,388		85,338
Residential real estate	12,486		—		166		—		655		13,307
Commercial and financial	12,857		—		—		—		3,780		16,637
Consumer	163		—		—		—		—		163
Total PCD Loans	$	128,879	$	2,098	$	166	$	—	$	13,053	$	144,196
Total Loans	$	10,530,414	$	12,152	$	1,804	$	255	$	64,199	$	10,608,824

 

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	December 31, 2024
(In thousands)	Current		Accruing 30-59 Days Past Due		Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
Portfolio Loans
Construction and land development	$	567,896	$	127	$	—	$	—	$	125	$	568,148
CRE - owner occupied	1,172,287		3,083		—		—		2,168		1,177,538
CRE - non-owner occupied	2,225,216		833		—		—		17,007		2,243,056
Residential real estate	1,866,295		5,466		450		—		10,744		1,882,955
Commercial and financial	1,411,623		1,075		106		—		11,885		1,424,689
Consumer	152,129		331		5		—		3,321		155,786
Total Portfolio Loans	$	7,395,446	$	10,915	$	561	$	—	$	45,250	$	7,452,172
Acquired Non-PCD Loans
Construction and land development	$	78,728	$	8	$	99	$	—	$	535	$	79,370
CRE - owner occupied	473,118		2,414		—		—		1,927		477,459
CRE - non-owner occupied	1,151,541		148		—		—		5,160		1,156,849
Residential real estate	706,566		1,064		131		—		11,828		719,589
Commercial and financial	195,853		—		—		35		3,258		199,146
Consumer	32,375		11		1		—		4,895		37,282
Total Acquired Non-PCD Loans	$	2,638,181	$	3,645	$	231	$	35	$	27,603	$	2,669,695
PCD Loans
Construction and land development	$	43	$	—	$	—	$	—	$	492	$	535
CRE - owner occupied	26,987		—		—		—		4,645		31,632
CRE - non-owner occupied	96,188		—		—		—		7,715		103,903
Residential real estate	12,752		—		—		167		1,322		14,241
Commercial and financial	22,153		—		—		—		5,366		27,519
Consumer	200		—		—		—		53		253
Total PCD Loans	$	158,323	$	—	$	—	$	167	$	19,593	$	178,083
Total Loans	$	10,191,950	$	14,560	$	792	$	202	$	92,446	$	10,299,950

All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest subsequently received on such loans is accounted for under the cost-recovery method, whereby interest income is not recognized until the loan balance is paid down to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, and future payments are reasonably assured. The Company recognized interest income of $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.

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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
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
Commercial and financial	—		14,754		14,754
Consumer	—		3,155		3,155
Totals	$	21,288	$	42,911	$	64,199

	December 31, 2024
(In thousands)	Nonaccrual Loans With No Related Allowance		Nonaccrual Loans With an Allowance		Total Nonaccrual Loans
Construction and land development	$	492	$	660	$	1,152
CRE - owner occupied	2,622		6,118		8,740
CRE - non-owner occupied	29,449		433		29,882
Residential real estate	6,462		17,432		23,894
Commercial and financial	2,703		17,806		20,509
Consumer	2,416		5,853		8,269
Totals	$	44,144	$	48,302	$	92,446

Loans by Risk Rating

The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system:

•Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated.

•Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention.

•Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.

•Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.

The following tables present the risk rating of loans and year-to-date1 gross charge offs by year of origination as of:

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	June 30, 2025
(In thousands)	2025		2024		2023		2022		2021		Prior		Revolving		Revolving Converted to Term		Total
Construction and Land Development
Risk Ratings:
Pass	$	28,831	$	182,713	$	153,056	$	46,156	$	38,869	$	45,851	$	98,815	$	—	$	594,291
Special Mention	—		—		985		—		—		653		—		—		1,638
Substandard	—		—		5,228		147		84		974		717		—		7,150
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	28,831	$	182,713	$	159,269	$	46,303	$	38,953	$	47,478	$	99,532	$	—	$	603,079
Gross Charge Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CRE - owner occupied
Risk Ratings:
Pass	$	151,964	$	177,963	$	135,950	$	243,198	$	246,062	$	719,616	$	25,142	$	—	$	1,699,895
Special Mention	—		3,835		13,041		8,643		738		24,522		—		—		50,779
Substandard	—		400		—		8,439		371		18,718		328		—		28,256
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	151,964	$	182,198	$	148,991	$	260,280	$	247,171	$	762,856	$	25,470	$	—	$	1,778,930
Gross Charge Offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
CRE - non-owner occupied
Risk Ratings:
Pass	$	228,637	$	496,754	$	230,043	$	840,495	$	542,839	$	1,158,990	$	21,167	$	—	$	3,518,925
Special Mention	—		25		2,693		9,700		5,532		20,017		—		—		37,967
Substandard	—		—		—		36,221		7,911		23,504		—		—		67,636
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	228,637	$	496,779	$	232,736	$	886,416	$	556,282	$	1,202,511	$	21,167	$	—	$	3,624,528
Gross Charge Offs	$	—	$	—	$	—	$	—	$	—	$	320	$	—	$	—	$	320
Residential real estate
Risk Ratings:
Pass	$	78,858	$	148,970	$	152,882	$	462,937	$	608,024	$	555,192	$	551,955	$	96,956	$	2,655,774
Special Mention			—		—		—		—		363		3,046		—		3,409
Substandard	—		93		—		5,647		1,387		4,100		5,402		2,230		18,859
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	78,858	$	149,063	$	152,882	$	468,584	$	609,411	$	559,655	$	560,403	$	99,186	$	2,678,042
Gross Charge Offs	$	—	$	—	$	—	$	—	$	206	$	1	$	19	$	—	$	226
Commercial and financial
Risk Ratings:
Pass	$	238,575	$	362,272	$	149,058	$	228,996	$	207,631	$	144,922	$	375,047	$	—	$	1,706,501
Special Mention	—		813		378		908		4,216		3,730		5,431		—		15,476
Substandard	—		—		559		2,271		3,809		7,307		2,071		—		16,017
Doubtful	—		—		—		1,674		—		—		1,490		—		3,164
Total	$	238,575	$	363,085	$	149,995	$	233,849	$	215,656	$	155,959	$	384,039	$	—	$	1,741,158
Gross Charge Offs	$	—	$	—	$	85	$	148	$	747	$	8,152	$	600	$	—	$	9,732
Consumer
Risk Ratings:
Pass	$	6,962	$	14,274	$	10,415	$	22,327	$	17,592	$	38,267	$	69,905	$	—	$	179,742
Special Mention	—		41		1		2,808		—		—		118		—		2,968
Substandard	—		—		10		76		—		291		—		—		377
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	6,962	$	14,315	$	10,426	$	25,211	$	17,592	$	38,558	$	70,023	$	—	$	183,087
Gross Charge Offs	$	343	$	105	$	7	$	1,221	$	108	$	43	$	98	$	—	$	1,925
Consolidated
Total	$	733,827	$	1,388,153	$	854,299	$	1,920,643	$	1,685,065	$	2,767,017	$	1,160,634	$	99,186	$	10,608,824
Gross Charge Offs1	$	343	$	105	$	92	$	1,369	$	1,061	$	8,516	$	717	$	—	$	12,203

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	December 31, 2024
(In thousands)	2024		2023		2022		2021		2020		Prior		Revolving		Revolving Converted to Term		Total
Construction and Land Development
Risk Ratings:
Pass	$	113,993	$	160,801	$	161,122	$	39,276	$	8,547	$	36,342	$	126,659	$	—	$	646,740
Special Mention	—		—		—		—		—		75		—		—		75
Substandard	—		—		183		90		—		965		—		—		1,238
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	113,993	$	160,801	$	161,305	$	39,366	$	8,547	$	37,382	$	126,659	$	—	$	648,053
Gross Charge Offs	$	—	$	—	$	—	$	—	$	—	$	1	$	—	$	—	$	1
CRE - owner occupied
Risk Ratings:
Pass	$	184,312	$	139,197	$	260,266	$	257,711	$	153,702	$	628,391	$	20,674	$	—	$	1,644,253
Special Mention	—		—		4,975		2,344		2,418		7,965		1		—		17,703
Substandard	89		1,061		2,821		377		5,870		14,106		349		—		24,673
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	184,401	$	140,258	$	268,062	$	260,432	$	161,990	$	650,462	$	21,024	$	—	$	1,686,629
Gross Charge Offs	$	—	$	—	$	179	$	—	$	—	$	162	$	—	$	—	$	341
CRE - non-owner occupied
Risk Ratings:
Pass	$	495,361	$	236,306	$	820,739	$	581,892	$	237,777	$	1,012,209	$	24,752	$	—	$	3,409,036
Special Mention	27		—		4,773		1,269		5,265		25,245		—		—		36,579
Substandard	—		—		10,462		10,684		16,437		20,610		—		—		58,193
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	495,388	$	236,306	$	835,974	$	593,845	$	259,479	$	1,058,064	$	24,752	$	—	$	3,503,808
Gross Charge Offs	$	—	$	—	$	—	$	—	$	89	$	1,396	$	—	$	—	$	1,485
Residential real estate
Risk Ratings:
Pass	$	93,644	$	146,836	$	469,071	$	630,378	$	152,116	$	483,150	$	517,136	$	96,256	$	2,588,587
Special Mention	—		—		—		—		—		164		3,434		22		3,620
Substandard	149		—		4,706		1,212		83		6,767		9,440		2,221		24,578
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	93,793	$	146,836	$	473,777	$	631,590	$	152,199	$	490,081	$	530,010	$	98,499	$	2,616,785
Gross Charge Offs	$	—	$	—	$	—	$	—	$	40	$	62	$	32	$	—	$	134
Commercial and financial
Risk Ratings:
Pass	$	373,569	$	180,423	$	253,120	$	232,427	$	82,964	$	117,276	$	362,701	$	—	$	1,602,480
Special Mention	—		382		755		2,839		232		1,904		2,163		—		8,275
Substandard	—		115		8,547		9,810		6,147		10,604		5,376		—		40,599
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	373,569	$	180,920	$	262,422	$	245,076	$	89,343	$	129,784	$	370,240	$	—	$	1,651,354
Gross Charge Offs	$	—	$	—	$	2,762	$	10,669	$	—	$	3,111	$	1,074	$	—	$	17,616
Consumer
Risk Ratings:
Pass	$	14,627	$	14,049	$	26,332	$	20,721	$	11,682	$	30,022	$	67,562	$	—	$	184,995
Special Mention	—		5		1		—		—		—		54		—		60
Substandard	75		25		4,953		40		2,435		737		1		—		8,266
Doubtful	—		—		—		—		—		—		—		—		—
Total	$	14,702	$	14,079	$	31,286	$	20,761	$	14,117	$	30,759	$	67,617	$	—	$	193,321
Gross Charge Offs	$	789	$	457	$	5,471	$	4,828	$	255	$	221	$	267	$	—	$	12,288
Consolidated
Total	$	1,275,846	$	879,200	$	2,032,826	$	1,791,070	$	685,675	$	2,396,532	$	1,140,302	$	98,499	$	10,299,950
Gross Charge Offs1	$	789	$	457	$	8,412	$	15,497	$	384	$	4,953	$	1,373	$	—	$	31,865

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

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Troubled Borrower Modifications

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

	June 30, 2025
(In thousands)	Rate Reduction or Rate Reduction with Term Extension		Term Extension and/or Payment Delay		Total1		% of Total Class of Loans
Construction and land development	$	—	$	—	$	—	—	%
CRE - owner occupied	81		—		81		—
CRE - non-owner occupied	—		—		—		—	%
Residential real estate	—		239		239		0.01	%
Commercial and financial	71		2,873		2,944		0.17	%
Consumer	—		—		—		—	%
Totals	$	152	$	3,112	$	3,264	0.03	%
1At June 30, 2025, there were no unfunded lending related commitments associated with TBMs.

	June 30, 2024
(In thousands)	Rate Reduction or Rate Reduction with Term Extension		Term Extension and/or Payment Delay		Total1		% of Total Class of Loans
Construction and land development	$	—	$	—	$	—	—	%
CRE - owner 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	%
Commercial and financial	2,543		1,293		3,836		0.24	%
Consumer	—		967		967		0.42	%
Totals	$	6,594	$	5,593	$	12,187	0.12	%
1At June 30, 2024, there were no unfunded lending related commitments associated with TBMs.

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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 30-59 Days Past Due		Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
Construction and Land Development	$	110	$	—	$	—	$	—	$	—	$	110
CRE - owner occupied	81		—		—		—		—		81
CRE - non-owner occupied	—		—		—		—		—		—
Residential real estate	6		—		—		—		464		470
Commercial and financial	1,532		—		—		—		1,843		3,375
Consumer	—		—		—		—		—		—
Totals	$	1,729	$	—	$	—	$	—	$	2,307	$	4,036

	June 30, 2024
(In thousands)	Current		Accruing 30-59 Days Past Due			Accruing 60-89 Days Past Due		Accruing Greater Than 90 Days		Nonaccrual		Total
Construction and Land Development	$	—	$	—	—	$	—	$	—	$	—	$	—
CRE - owner occupied	98		520			—		—		2,738		3,356
CRE - non owner occupied	—		—			—		—		3,997		3,997
Residential real estate	125		—			—		—		99		224
Commercial and financial	3,151		—			—		—		7,410		10,561
Consumer	907		640			304		207		165		2,223
Totals	$	4,281	$	1,160		$	304	$	207	$	14,409	$	20,361

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

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Note 5 – Allowance for Credit Losses

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

	Three Months Ended June 30, 2025
(In thousands)	Beginning Balance		Provision for Credit Losses		Charge- Offs		Recoveries		Ending Balance
Construction and land development	$	6,772	$	(221)	$	—	$	5	$	6,556
CRE - owner occupied	12,598		343		—		1		12,942
CRE - non-owner occupied	45,191		1,055		—		381		46,627
Residential real estate	40,348		1,544		(225)		20		41,687
Commercial and financial	27,611		1,903		(3,263)		858		27,109
Consumer	7,747		(245)		(438)		199		7,263
Totals	$	140,267	$	4,379	$	(3,926)	$	1,464	$	142,184

	Three Months Ended June 30, 2024
(In thousands)	Beginning Balance		Provision for Credit Losses		Charge- Offs		Recoveries		Ending Balance
Construction and land development	$	7,001	$	(1,515)	$	(1)	$	8	$	5,493
CRE - owner occupied	10,017		1,866		(302)		1		11,582
CRE - non-owner occupied	46,601		(1,254)		(19)		106		45,434
Residential real estate	38,628		638		(122)		65		39,209
Commercial and financial	30,707		4,706		(7,950)		966		28,429
Consumer	13,715		477		(3,031)		333		11,494
Totals	$	146,669	$	4,918	$	(11,425)	$	1,479	$	141,641

	Six Months Ended June 30, 2025
(In thousands)	Beginning Balance		Provision for Credit Losses		Charge- Offs		Recoveries		Ending Balance
Construction and land development	$	7,252	$	(704)	$	—	$	8	$	6,556
CRE - owner occupied	11,825		1,115		—		2		12,942
CRE - non-owner occupied	43,866		1,933		(320)		1,148		46,627
Residential real 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

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

As of June 30, 2025 and December 31, 2024, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the scenarios, including continued actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions. Outcomes could differ from the scenarios utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model.

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

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

In the Construction and Land Development segment, the decrease in allowance is primarily due to a decrease in outstanding loan balances. In this segment, the primary source of repayment is typically from proceeds of the sale or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses.

In the CRE - Owner-Occupied segment, the allowance increased due to an increase in loan balances. Risk characteristics include, but are not limited to, collateral type, note structure and loan seasoning.

In the CRE - Non-Owner-Occupied segment, the allowance increase is driven by higher loan balances. Repayment is often dependent upon rental income from the successful operation of the underlying property or from the sale of the property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, note structure, and loan seasoning are among the risk characteristics analyzed for this segment.

The Residential Real Estate segment includes residential mortgage, home equity loans, and HELOCs. The increase in the allowance is reflective of an increase in outstanding loan balances. Risk characteristics considered for this segment include, but are not limited to, borrower FICO score, lien position, LTV ratios, and loan seasoning.

In the Commercial and Financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The decrease in allowance was primarily driven by improvement in the macroeconomic variables for this segment. Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses.

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

Note 6 – Derivatives

Interest Rate Contracts

The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps are freestanding financial derivatives with the fair values reported in Other Assets and Other Liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through noninterest income.

Interest Rate Swaps Designated as Fair Value Hedges

The Company periodically enters into interest rate swap contracts to hedge the risk of changes in fair value of the AFS securities portfolio due to changes in SOFR. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair

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value of these derivative contracts is recognized in other comprehensive income. These derivative instruments are primarily for risk management purposes. There were no securities fair value hedges at June 30, 2025. For the three and six months ended June 30, 2025, the Company recognized, through other comprehensive income, net losses of $0.1 million and $0.4 million, respectively, and reclassified net losses of $0.5 million in each period out of accumulated other comprehensive income into interest income. For the three and six months ended June 30, 2024, the Company recognized through other comprehensive income, net losses of $0.6 million and net gains of $0.8 million, respectively, and reclassified net gains of $0.1 million and $45 thousand, respectively, out of accumulated other comprehensive income into interest income.

The Company has entered into interest rate swap contracts to hedge the risk of changes in the fair value of a pool of residential mortgages due to changes in SOFR. These fair value hedges utilize the portfolio layer method. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair value of these derivative contracts is recognized in interest income. These derivative instruments are primarily for risk management purposes. For the three and six months ended June 30, 2025, the Company recognized losses through interest income of $0.1 million and $17 thousand, respectively. For the three and six months ended June 30, 2024, the Company recognized gains through interest income of $0.5 million and $0.9 million, respectively.

(In thousands)	Notional Amount		Fair Value		Balance Sheet Category
June 30, 2025
Interest rate contracts1	$	1,025,092	$	26,743	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
Interest rate contracts1	$	910,640	$	28,184	Other Assets and Other Liabilities
Securities fair value hedges	400,000		436		Other Assets
Residential mortgage fair value hedges	400,000		121		Other Assets and Other Liabilities
1Interest rate contracts include risk participation agreements with notional amounts of $48.5 million and $28.9 million at June 30, 2025, and December 31, 2024, respectively with nominal fair value in both periods.

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

	Carrying amount of the hedged items				Cumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In thousands)	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
Securities AFS1	$	—	$	460,126	$	—	$	35
Loans, net2	568,620		596,632		111		283
1 At December 31, 2024, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $553.8 million. Refer to “Note 3 - Securities” for a reconciliation of the amortized cost and fair value of AFS securities.
2 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At June 30, 2025, the portfolio layer method was $400 million, of which $400 million was designated as hedged. At December 31, 2024, the portfolio layer method was $400 million, of which $400 million was designated as hedged.

Note 7 – Securities Sold Under Agreements to Repurchase

Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. Company securities pledged were as follows by collateral type and maturity as of: 

(In thousands)	June 30, 2025		December 31, 2024
Fair value of pledged securities - overnight and continuous:
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities	$	229,936	$	237,074

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Note 8 – Regulatory Capital

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

Note 9 – Contingent Liabilities

The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows.

Note 10 – Fair Value

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

(In thousands)	Fair Value Measurements		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
At June 30, 2025
Financial Assets
Debt securities AFS1	$	2,866,185	$	198	$	2,865,987	$	—
Derivative financial instruments2	26,804		—		26,804		—
Loans held for sale2	8,610		—		8,610		—
Loans3	5,341		—		—		5,341
OREO3	5,335		—		—		5,335
Equity securities4	13,756		13,756		—		—
Financial Liabilities
Derivative financial instruments2	$	26,817	$	—	$	26,817	$	—
At December 31, 2024
Financial Assets
Debt securities AFS1	$	2,226,543	$	196	$	2,226,347	$	—
Derivative financial instruments2	28,741		—		28,741		—
Loans held for sale2	17,277		—		17,277		—
Loans3	1,839		—		—		1,839
OREO3	6,421		—		—		6,421
Equity securities4	13,521		13,521		—		—
Financial Liabilities
Derivative financial instruments2	$	28,305	$	—	$	28,305	$	—
1See “Note 3 – Securities” for further detail of fair value of individual investment categories.
2Recurring fair value basis determined using observable market data.
3Fair value is measured on a nonrecurring basis.
4Investment in shares of mutual funds that invest primarily in CRA-qualified debt securities, reported at fair value in Other Assets. Recurring fair value basis is determined using market quotations.

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Loans and OREO: Fair values of collateral-dependent real estate loans and OREO are based on recent real estate appraisals less estimated costs of sale. Evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time but none were made by management. As such, the fair values of these loans and properties are considered Level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $5.6 million with a specific reserve of $0.3 million at June 30, 2025, compared to $3.0 million with a specific reserve of $1.2 million at December 31, 2024.

For recurring fair value measurements, transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the six months ended June 30, 2025, there were no such transfers.

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

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

(In thousands)	Carrying Amount		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
June 30, 2025
Financial Assets
HTM debt securities1	$	613,312	$	—	$	503,187	$	—
Time deposits with other banks	1,494		—		1,449		—
Loans, net	10,461,299		—		—		10,321,825
Financial Liabilities
Deposits	12,497,598		—		—		12,496,873
FHLB borrowings	715,000		—		712,965		—
Long-term debt	107,298		—		98,905		—
December 31, 2024
HTM debt securities1	$	635,186	$	—	$	507,594	$	—
Time deposits with other banks	3,215		—		3,194		—
Loans, net	10,160,056		—		—		10,019,964
Financial Liabilities
Deposits	12,242,427		—		—		12,242,205
FHLB borrowings	245,000		—		243,795		—
Long-term debt	106,966		—		95,563		—
1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories.

The short maturity of Seacoast’s assets and liabilities results in a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest bearing deposits with other banks, and securities sold under agreements to repurchase.

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

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HTM debt securities: These debt securities are reported at fair value utilizing Level 2 inputs. The estimated fair value of a security is determined based on market quotations when available or, if not available, by using quoted market prices for similar securities, pricing models or discounted cash flow analyses, using observable market data where available.

The Company reviews the prices supplied by independent pricing services, as well as their underlying pricing methodologies, for reasonableness and to ensure such prices are aligned with traditional pricing matrices. From time to time, the Company will validate, on a sample basis, prices supplied by the independent pricing service by comparison to prices obtained from other brokers and third-party sources or derived using internal models.

Loans: Fair values are estimated for portfolios of loans with similar financial characteristics. Loans are segregated by type, such as commercial or mortgage. Each loan category is further segmented into fixed and adjustable-rate interest terms as well as performing and nonperforming categories. The fair value of loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an “exit price” as defined in ASC Topic 820.

Investments at NAV: The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $23.6 million at June 30, 2025 and $21.1 million at December 31, 2024, which are not included in the fair value hierarchy. These investments are made primarily through various SBIC funds as a strategy to provide expansion and growth opportunities to small businesses and are subject to various risks, including market, liquidity and credit risk. SBICs are generally structured to operate for approximately 10 years and the Company’s investments are not redeemable. Distributions are received through the liquidation of the underlying assets, which is expected to occur over the next 5-10 years. Unfunded commitments related to these investments were $7.1 million at both June 30, 2025 and December 31, 2024.

Deposit liabilities: The fair value of demand deposits, savings accounts and money market deposits is the amount payable at the reporting date. The fair value of fixed maturity certificates of deposit is estimated using the rates currently offered for funding of similar remaining maturities.

Note 11 – Business Combinations

Third Quarter of 2025 Acquisition of Heartland Bancshares, Inc.

On July 11, 2025, the Company completed its acquisition of Heartland, adding approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, are expected to be finalized later in the third quarter of 2025. The Company acquired 100% of the outstanding common and preferred stock of Heartland. Under the terms of the definitive agreement, Heartland shareholders received a combination of cash and stock, with the final consideration totaling $111.2 million.

(In thousands, except per share data)	July 11, 2025
Number of Heartland shares outstanding at 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.

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Proposed Acquisition of Villages Bancorporation, Inc.

On May 29, 2025, the Company announced its proposed acquisition of VBI. The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages® community. VBI operates 19 branches with approximately $3.5 billion in deposits and approximately $1.3 billion in loans as of June 30, 2025. Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.

Note 12 – Business Segment

The Company's one reportable segment provides integrated financial services including commercial and consumer banking, wealth management, and mortgage and insurance services to customers. Segment revenues are driven primarily by interest and fees on loans, interest on cash and cash equivalents and on investment securities, and fees on depository products and services.

The Company manages business activities, allocates resources and evaluates financial performance on an organization-wide basis. The chief operating decision maker (“CODM”) is the CEO. The financial results of the segment are presented using the same policies described in “Note 1 - Significant Accounting Policies” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024.

The CODM evaluates the performance of the segment and allocates resources based on net income that is also reported on the Consolidated Statements of Income as consolidated net income and segment assets that are reported on the Consolidated Balance Sheets as total consolidated assets. Net income is used to monitor budget versus actual results. The significant segment expenses that are regularly provided to the CODM are interest expense, provision for credit losses, salaries and wages, employee benefits, outsourced data processing costs, and occupancy, which are all reflected in the Consolidated Statements of Income. Certain noncash expenses, such as depreciation and amortization expense, are disclosed in the Consolidated Statement of Cash Flows.

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

The purpose of this discussion and analysis is to aid in understanding significant changes in the financial condition of Seacoast Banking Corporation of Florida and its subsidiaries (“Seacoast” or the “Company”) and their results of operations. Nearly all of the Company’s operations are contained in its banking subsidiary, Seacoast National Bank (“Seacoast Bank” or the “Bank”). Such discussion and analysis should be read in conjunction with the Company’s Condensed Consolidated Financial Statements and the related notes included in this report.

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

This discussion and analysis contain statements that may be considered “forward-looking statements” as defined in, and subject to the protections of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. See the following section for additional information regarding forward-looking statements.

For purposes of the following discussion, the words “Seacoast” or the “Company” refer to the combined entities of Seacoast Banking Corporation of Florida and its direct and indirect wholly owned subsidiaries.

Special Cautionary Notice Regarding Forward-Looking Statements

Certain statements made or incorporated by reference herein which are not statements of historical fact, including those under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, and intentions about future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from those set forth in the forward-looking statements.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,”

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“would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,” “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:

•The impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), slowdowns in economic growth or recession, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;

•Potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding;

•Governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including overdraft and late fee caps (if implemented), including those that impact the money supply and inflation;

•The risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;

•Interest rate risks (including the impact of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), sensitivities, and the shape of the yield curve;

•Changes in accounting policies, rules, and practices;

•Changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation;

•Changes in the availability and cost of credit and capital in the financial markets;

•Changes in the prices, values and sales volumes of residential and CRE, especially as they relate to the value of collateral supporting the Company’s loans;

•The Company’s concentration in CRE loans and in real estate collateral in Florida;

•Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit;

•Inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions;

•The impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business;

•Statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally;

•The risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies;

•Changes in technology or products that may be more difficult, costly, or less effective than anticipated;

•The Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence;

•Fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate;

•Inability of Seacoast’s risk management framework to manage risks associated with the Company’s business;

•Dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms;

•Reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy;

•The effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs;

•Seacoast’s ability to maintain adequate internal controls over financial reporting;

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•Potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions;

•The risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws;

•The effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions;

•The failure of assumptions underlying the establishment of reserves for expected credit losses;

•Risks related to, and the costs associated with ESG and anti-ESG matters, including the scope and pace of related rulemaking activity, disclosure requirements and potential litigation;

•A deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies;

•The risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and

•Other factors and risks described under “Risk Factors” herein and in any of the Company’s subsequent reports filed with the SEC and available on its website at www.sec.gov.

All written or oral forward-looking statements attributable to Seacoast are expressly qualified in their entirety by this cautionary notice. The Company assumes no obligation to update, revise or correct any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.

Business Developments

Third Quarter of 2025 Acquisition of Heartland Bancshares, Inc.

On July 11, 2025, the Company completed its acquisition of Heartland, adding approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, are expected to be finalized later in the third quarter of 2025. Seacoast expects the transaction to be accretive to earnings in 2026, with modest dilution to tangible book value that is expected to be earned back in approximately two years.

Proposed Acquisition of Villages Bancorporation, Inc.

On May 29, 2025, the Company announced its proposed acquisition of VBI. The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages® community. Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.

VBI enjoys the leading market share in the rapidly growing Villages MSA. VBI’s low loan-to-deposit ratio and low cost of deposits provide long-term scalable benefits and the opportunity for margin growth and revenue synergies. Seacoast expects the transaction to be accretive to earnings beginning in 2026, with tangible book value dilution earned back in under three years. The majority of cost savings are expected to be realized in 2026.

Organic Growth and Expansion

Seacoast’s balanced growth strategy includes both acquisitions and organic growth initiatives. Thus far in 2025, Seacoast has expanded its footprint with the opening of two new branch locations in the greater Fort Lauderdale area, and one new branch location in Tampa, along with key additions to its commercial banking leadership and teams. In recent years, Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships.

Results of Operations

Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 84 full-service branches across Florida, and through advanced mobile and online banking solutions. The Company’s financial results in the second quarter of 2025 include strong growth in loans and lower cost of deposits supporting improved net interest income and net interest margin. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the second quarter of 2025 include:

•Net income of $42.7 million, or $0.50 per average diluted share, an increase of $11.2 million, or 36%, from the prior quarter.

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•Strong gains in return on average assets, return on tangible common equity and the efficiency ratio.

•Loans grew 6.4% on an annualized basis to $10.6 billion, and the overall loan pipeline remained robust at $920.9 million.

•Net interest income of $126.9 million, an increase of $8.3 million, or 7%.

•Net interest margin expanded 10 basis points to 3.58% and, excluding accretion on acquired loans, net interest margin expanded five basis points to 3.29%.

•Cost of deposits declined 13 basis points to 1.80%.

•Tangible book value per share of $17.19 increased 12% year over year.

•Strong capital position, with a Tier 1 capital ratio of 14.6% and a tangible common equity to tangible assets ratio of 9.8%.

The Company’s focus on organic customer growth and recent talent additions continues to generate momentum across its markets and business segments.

For the second quarter of 2025, the Company reported net income of $42.7 million, or $0.50 per average diluted share, an increase of $11.2 million, or 36%, from the first quarter of 2025 and an increase of $12.4 million, or 41%, compared to the second quarter of 2024. Adjusted net income1 for the second quarter of 2025 totaled $44.5 million, or $0.52 per average diluted share, an increase of $12.4 million, or 39%, compared to the first quarter of 2025 and an increase of $14.2 million, or 47%, compared to the second quarter of 2024.

For the six months ended June 30, 2025, net income totaled $74.2 million, or $0.87 per average diluted share, an increase of $17.9 million, or 32%, compared to the six months ended June 30, 2024. For the six months ended June 30, 2025, adjusted net income1 totaled $76.6 million, or $0.90 per average diluted share, compared to $61.4 million, or $0.72 per average diluted share for the six months ended June 30, 2024.

	Second		First		Second		Six Months Ended June 30,
	Quarter		Quarter		Quarter
	2025		2025		2024		2025		2024
Return on average assets	1.08	%	0.83	%	0.82	%	0.96	%	0.77	%
Return on average tangible assets	1.24	%	0.98	%	1.00	%	1.12	%	0.94	%
Return on average tangible shareholders’ equity	12.82		10.17		10.75		11.52		10.15
Efficiency ratio	56.95		60.28		60.21		58.55		63.48
Adjusted return on average assets1	1.13	%	0.85	%	0.82	%	0.99	%	0.84	%
Adjusted return on average tangible assets1	1.29	%	1.00	%	1.00	%	1.15	%	1.02	%
Adjusted return on average tangible shareholders’ equity1	13.31		10.35		10.76		11.86		10.95
Adjusted efficiency ratio1	55.36		59.53		60.21		57.37		60.67
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.

Net Interest Income and Margin

Net interest income for the second quarter of 2025 totaled $126.9 million, an increase of $8.3 million, or 7%, compared to the first quarter of 2025, and an increase of $22.4 million, or 21%, compared to the second quarter of 2024. For the six months ended June 30, 2025, net interest income totaled $245.4 million, an increase of $35.9 million, or 17%, compared to the six months ended June 30, 2024. The increase was driven by higher securities and loan interest income. Securities income increased $3.1 million, or 11%, primarily due to securities purchases in the first half of 2025. Interest income on loans increased by $6.4 million in the second quarter of 2025, reflecting strong loan production and an increase in accretion on acquired loans from higher payoffs. Included in loan interest income was accretion on acquired loans of $10.6 million in the second quarter of 2025, $8.2 million in the first quarter of 2025, and $10.2 million in the second quarter of 2024. Accretion on acquired loans totaled $18.8 million for the six months ended June 30, 2025, compared to $20.8 million for the six months ended June 30, 2024. On the expense side, interest on deposits decreased $3.0 million, or 7%, compared to the prior quarter, and $10.7 million, or 21%, compared to the second quarter of 2024, reflecting a lower cost of deposits. Interest expense on borrowed money increased $3.6 million, or 50%, compared to the first quarter of 2025, and $4.6 million, or 75%, compared to second quarter of

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

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2024, largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland acquisition.

Net interest margin (on a FTE basis)1 increased ten basis points to 3.58% in the second quarter of 2025, compared to 3.48% in the first quarter of 2025, and expanded 40 basis points from 3.18% in the second quarter of 2024, largely driven by lower deposit costs. Compared to the first quarter of 2025, securities yields decreased one basis point in the second quarter of 2025 to 3.87% and increased 18 basis points from the second quarter of 2024. The yield on loans increased to 5.98% for the second quarter of 2025, an increase of eight basis points from the first quarter of 2025 and increased five basis points from the second quarter of 2024. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 29 basis points for the second quarter of 2025, 24 basis points in the first quarter of 2025, and 31 basis points in the second quarter of 2024. The cost of deposits was 1.80% in the second quarter of 2025, compared to 1.93% in the first quarter of 2025, and 2.31% in the second quarter of 2024.

For the six months ended June 30, 2025, net interest margin (on a FTE basis)1 increased 32 basis points to 3.53% compared to the six months ended June 30, 2024, largely driven by lower deposit costs. The yield on securities was 3.87% for the six months ended June 30, 2025, compared to 3.59% for the six months ended June 30, 2024. The yield on total loans increased from 5.92% for the six months ended June 30, 2024 to 5.94% for the six months ended June 30, 2025. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 27 basis points for the six months ended June 30, 2025, compared to 31 basis points for the six months ended June 30, 2024. The cost of deposits was 1.87% for the six months ended June 30, 2025, a decrease of 38 basis points compared to the six months ended June 30, 2024.

The following table details the trend for net interest income and margin results (on a FTE basis)1, the yield on earning assets and the rate paid on interest bearing liabilities for the periods specified:

(In thousands, except ratios)	Net Interest Income1		Net Interest Margin1		Yield on Earning Assets1		Rate on Interest Bearing Liabilities
Second quarter 2025	$	127,295	3.58	%	5.45	%	2.66	%
First quarter 2025	118,857		3.48	%	5.41	%	2.74	%
Second quarter 2024	104,657		3.18	%	5.47	%	3.33	%
Six months ended June 30, 2025	246,153		3.53	%	5.43	%	2.70	%
Six months ended June 30, 2024	209,954		3.21	%	5.44	%	3.26	%
1On a FTE basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.

Average loans increased $175.5 million, or 2%, for the second quarter of 2025 compared to the first quarter of 2025, and increased $553.9 million, or 6%, from the second quarter of 2024. For the six months ended June 30, 2025, average loans increased $451.8 million, or 5%, from the six months ended June 30, 2024.

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

During the second quarter of 2025, average investment securities increased $291.6 million, or 9.5%, compared to the first quarter of 2025, and increased $735.0 million, or 27.9%, compared to the second quarter of 2024. Securities yields decreased one basis point to 3.87% during the second quarter of 2025 from 3.88% in the first quarter of 2025. For the six months ended June 30, 2025, average investment securities were $3.2 billion, an increase of $615.2 million compared to the six months ended June 30, 2024.

The cost of average interest-bearing liabilities decreased eight basis points in the second quarter of 2025 to 2.66% from 2.74% in the first quarter of 2025, and decreased 67 basis points from 3.33% in the second quarter of 2024. The cost of average total deposits (including noninterest bearing demand deposits) was 1.80% in the second quarter of 2025, 1.93% in the first quarter of 2025 and 2.31% in the second quarter of 2024. For the six months ended June 30, 2025, the cost of average total deposits (including noninterest bearing demand deposits) was 1.87% compared to 2.25% for the six months ended June 30, 2024.

During the second quarter of 2025, average transaction deposits (noninterest and interest-bearing demand) increased $23.9 million compared to the first quarter of 2025 and increased $132.1 million, or 2%, compared to the second quarter of 2024. For the six months ended June 30, 2025, average transaction deposits decreased $189.8 million, or 3%, compared to the six months

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ended June 30, 2024. Declines reflect shifts in customer preference during the periods toward money market accounts, which increased $598.1 million, or 17%, in the six months ended June 30, 2025 compared to the prior year period. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the six months ended June 30, 2025.

Average balances of sweep repurchase agreements with customers decreased $15.3 million, or 8%, from the first quarter of 2025 and decreased $107.6 million, or 37%, compared to the second quarter of 2024. The average rate on customer sweep repurchase accounts was 2.62% for the second quarter of 2025, compared to 2.73% for the first quarter of 2025, and 3.68% for the second quarter of 2024. For the six months ended June 30, 2025, the average balance was $193.6 million, compared to an average balance of $313.5 million for the six months ended June 30, 2024 with average rates of 2.68% and 3.70%, respectively.

The Company had an average balance of $724.2 million in FHLB borrowings outstanding for the second quarter of 2025, with an average interest rate of 4.32%, compared to $382.8 million for the first quarter of 2025, with an average interest rate of 4.32%, and $149.2 million for the second quarter of 2024, with an average interest rate of 4.29%. The Company had an average balance of $554.5 million in FHLB borrowings outstanding for the six months ended June 30, 2025, with an average interest rate of 4.32%, compared to $125.8 million for the six months ended June 30, 2024, with an average interest rate of 4.08%.

Long-term debt balances averaged $107.2 million in the second quarter of 2025, $107.0 million in the first quarter of 2025, and $106.5 million in the second quarter of 2024. The average rate on long-term debt for the second quarter of 2025 was 6.41%, a decrease of four basis points compared to the first quarter of 2025 and a decrease of 62 basis points compared to the second quarter of 2024. For the six months ended June 30, 2025, long-term debt averaged $107.1 million, compared to $106.5 million for the six months ended June 30, 2024. The average rate on long-term debt for the six months ended June 30, 2025 was 6.42%, a decrease of 75 basis points compared to the six months ended June 30, 2024.

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The following tables detail average balances, net interest income and margin results (on a FTE basis, a non-GAAP measure) for the periods presented:

Average Balances, Interest Income and Expenses, Yields and Rates1
		2025												2024
		Second Quarter						First Quarter						Second Quarter
		Average				Yield/		Average				Yield/		Average				Yield/
(In thousands, except ratios)		Balance		Interest		Rate		Balance		Interest		Rate		Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	`	$	3,364,825	$	32,479	3.87	%	$	3,073,108	$	29,381	3.88	%	$	2,629,716	$	24,155	3.69	%
Nontaxable		5,321		40		3.02		5,436		41		3.06		5,423		40		2.97
Total Securities		3,370,146		32,519		3.87		3,078,544		29,422		3.88		2,635,139		24,195		3.69
Federal funds sold		183,268		2,041		4.47		265,503		2,945		4.50		510,401		6,967		5.49
Interest bearing deposits with other banks and other investments		137,726		1,720		5.01		105,195		1,254		4.83		98,942		1,361		5.53
Total Loans, net		10,558,997		157,499		5.98		10,383,497		150,973		5.90		10,005,122		147,518		5.93
Total Earning Assets		14,250,137		193,779		5.45		13,832,739		184,594		5.41		13,249,604		180,041		5.47
Allowance for credit losses		(141,442)						(138,300)						(146,380)
Cash and due from banks		152,562						158,750						168,439
Premises and equipment, net		108,206						108,651						110,709
Intangible assets		796,431						801,687						818,914
BOLI		312,384						309,831						302,165
Other assets including deferred tax assets		322,916						322,284						336,256
Total Assets		$	15,801,194					$	15,395,642					$	14,839,707
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand		$	2,622,944	$	10,249	1.57	%	$	2,706,065	$	11,069	1.66	%	$	2,670,569	$	14,946	2.25	%
Savings		545,718		881		0.65		529,711		698		0.53		584,490		560		0.39
Money market		4,122,147		29,505		2.87		4,149,460		31,859		3.11		3,665,858		35,813		3.93
Time deposits		1,700,128		15,120		3.57		1,647,938		14,973		3.68		1,631,290		17,928		4.42
Securities sold under agreements to repurchase		185,977		1,214		2.62		201,271		1,357		2.73		293,603		2,683		3.68
FHLB borrowings		724,231		7,803		4.32		382,836		4,081		4.32		149,234		1,592		4.29
Long-term debt, net		107,208		1,712		6.41		107,038		1,700		6.44		106,532		1,862		7.03
Total Interest-Bearing Liabilities		10,008,353		66,484		2.66		9,724,319		65,737		2.74		9,101,576		75,384		3.33
Noninterest demand		3,401,138						3,294,149						3,485,603
Other liabilities		139,495						162,179						134,900
Total Liabilities		13,548,986						13,180,647						12,722,079
Shareholders’ equity		2,252,208						2,214,995						2,117,628
Total Liabilities & Equity		$	15,801,194					$	15,395,642					$	14,839,707
Cost of deposits						1.80	%					1.93	%					2.31	%
Interest expense as a % of earning assets						1.87	%					1.93	%					2.29	%
Net interest income as a % of earning assets				$	127,295	3.58	%			$	118,857	3.48	%			$	104,657	3.18	%
1On a FTE basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

Average Balances, Interest Income and Expenses, Yields and Rates1
	2025						2024
	Six Months Ended June 30,						Six Months Ended June 30,
	Average				Yield/		Average				Yield/
(In thousands, except ratios)	Balance		Interest		Rate		Balance		Interest		Rate
Assets
Earning assets:
Securities:
Taxable	$	3,219,772	$	61,860	3.87	%	$	2,604,327	$	46,548	3.59	%
Nontaxable	5,378		82		3.07		5,665		81		2.88
Total Securities	3,225,150		61,942		3.87		2,609,992		46,629		3.59
Federal funds sold	224,159		4,986		4.49		440,448		12,023		5.49
Interest bearing deposits with other banks and other investments	121,550		2,974		4.93		97,281		2,489		5.15
Total Loans, net	10,471,732		308,472		5.94		10,019,890		294,825		5.92
Total Earning Assets	14,042,591		378,374		5.43		13,167,611		355,966		5.44
Allowance for credit losses	(139,879)						(147,401)
Cash and due from banks	155,639						167,586
Premises and equipment, net	108,427						111,550
Intangible assets	799,045						822,222
BOLI	311,114						300,965
Other assets including deferred tax assets	322,603						342,708
Total Assets	$	15,599,540					$	14,765,241
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand	$	2,664,275	$	21,318	1.61	%	$	2,694,952	$	30,212	2.25	%
Savings	537,759		1,579		0.59		606,410		1,100		0.36
Money market	4,135,730		61,362		2.99		3,537,584		67,541		3.84
Time deposits	1,674,177		30,093		3.62		1,610,680		35,049		4.38
Securities sold under agreements to repurchase	193,581		2,571		2.68		313,494		5,762		3.70
FHLB borrowings	554,477		11,886		4.32		125,826		2,552		4.08
Long-term debt, net	107,123		3,412		6.42		106,453		3,796		7.17
Total Interest-Bearing Liabilities	9,867,122		132,221		2.70		8,995,399		146,012		3.26
Noninterest demand	3,347,939						3,507,046
Other liabilities	150,775						144,791
Total Liabilities	13,365,836						12,647,236
Shareholders' equity	2,233,704						2,118,005
Total Liabilities & Equity	$	15,599,540					$	14,765,241
Cost of deposits					1.87	%					2.25	%
Interest expense as a % of earning assets					1.90	%					2.23	%
Net interest income as a % of earning assets			$	246,153	3.53	%			$	209,954	3.21	%
1On a FTE basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.

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Noninterest Income

Noninterest income totaled $24.5 million for the second quarter of 2025, an increase of $2.3 million, or 11%, compared to both the first quarter of 2025 and the second quarter of 2024. Noninterest income totaled $46.7 million for the six months ended June 30, 2025, an increase of $4.0 million, or 9%, compared to the six months ended June 30, 2024.

Noninterest income is detailed as follows:

	Second		First		Second		Six Months Ended June 30,
	Quarter		Quarter		Quarter
(In thousands)	2025		2025		2024		2025		2024
Service charges on deposit accounts	$	5,540	$	5,180	$	5,342	$	10,720	$	10,302
Wealth management income	4,196		4,248		3,766		8,444		7,306
Interchange income	1,895		1,807		1,940		3,702		3,828
Mortgage banking fees	685		404		582		1,089		963
Insurance agency income	1,289		1,620		1,355		2,909		2,646
BOLI income	3,380		2,468		2,596		5,848		4,860
Other	7,497		6,257		6,647		13,754		12,591
	24,482		21,984		22,228		46,466		42,496
Securities gains (losses), net	39		196		(44)		235		185
Total	$	24,521	$	22,180	$	22,184	$	46,701	$	42,681

Service charges on deposits were $5.5 million in the second quarter of 2025, compared to $5.2 million in the first quarter of 2025, and $5.3 million in the second quarter of 2024. For the six months ended June 30, 2025, service charges on deposits totaled $10.7 million, an increase of $0.4 million, or 4%, compared to the six months ended June 30, 2024. The Company’s investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.

Wealth management income, including trust fees and brokerage commissions and fees, was $4.2 million in the second quarter of 2025, a decrease of $0.1 million, or 1%, from the first quarter of 2025 and an increase of $0.4 million, or 11%, compared to the second quarter of 2024. For the six months ended June 30, 2025, wealth management income totaled $8.4 million, an increase of $1.1 million, or 16%, compared to the six months ended June 30, 2024. The wealth management team continues to demonstrate success in building relationships, with assets under management increasing $160.6 million, or 8%, from December 31, 2024, to $2.2 billion at June 30, 2025.

Interchange income increased $0.1 million, or 5%, compared to the first quarter of 2025 and decreased 2% compared to the second quarter of 2024. For the six months ended June 30, 2025, interchange income totaled $3.7 million, a decrease of $0.1 million, or 3%, compared to the six months ended June 30, 2024.

Mortgage banking fees totaled $0.7 million, an increase of $0.3 million, or 70%, from the prior quarter and an increase of $0.1 million, or 18% from the prior year quarter, due to higher saleable production.

Insurance agency income totaled $1.3 million for the three months ended June 30, 2025, compared to $1.6 million in the first quarter of 2025, and $1.4 million in the second quarter of 2024. For the six months ended June 30, 2025, insurance agency income totaled $2.9 million, an increase of $0.3 million, or 10%, compared to the six months ended June 30, 2024, reflecting continued growth and expansion of insurance services.

BOLI income totaled $3.4 million for the second quarter of 2025, an increase of $0.9 million, or 37%, compared to the first quarter of 2025, and an increase of $0.8 million, or 30%, compared to the second quarter of 2024. The increases resulted from a $0.9 million death benefit payout in the second quarter of 2025. For the six months ended June 30, 2025, BOLI income totaled $5.8 million, an increase of $1.0 million, or 20%, compared to the six months ended June 30, 2024.

Other income was $7.5 million in the second quarter of 2025, an increase of $1.2 million, or 20%, compared to the first quarter of 2025, and an increase of $0.9 million, or 13%, compared to the second quarter of 2024. For the six months ended June 30, 2025, other income totaled $13.8 million, an increase of $1.2 million, or 9%, compared to the six months ended June 30, 2024. The second quarter of 2025 included $3.0 million in tax refunds received related to a prior bank acquisition. Other changes in each period reflect variability in income from SBIC investments, loan swap-related fees, and other fees correlating with growth in customers and accounts.

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Net securities activity resulted in gains of $39 thousand during the second quarter of 2025, gains of $0.2 million in the first quarter of 2025, and losses of $44 thousand in the second quarter of 2024. Net securities activity resulted in gains of $0.2 million for each of the six months ended June 30, 2025 and 2024.

Noninterest Expenses

Noninterest expense for the second quarter of 2025 totaled $91.7 million, an increase of $1.1 million, or 1%, compared to the first quarter of 2025, and an increase of $9.2 million, or 11%, from the second quarter of 2024. For the six months ended June 30, 2025, noninterest expense totaled $182.3 million, an increase of $9.4 million, or 5%, compared to the six months ended June 30, 2024. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:

	Second		First		Second		Six Months Ended June 30,
	Quarter		Quarter		Quarter
(In thousands)	2025		2025		2024		2025		2024
Salaries and wages	$	44,438	$	42,248	$	38,937	$	86,686	$	79,241
Employee benefits	8,106		8,861		6,861		16,967		14,750
Outsourced data processing costs	8,525		8,504		8,210		17,029		20,328
Occupancy	7,483		7,350		7,180		14,833		15,217
Furniture and equipment	2,125		2,128		1,956		4,253		3,967
Marketing	2,958		2,748		3,266		5,706		5,921
Legal and professional fees	2,071		2,740		1,982		4,811		4,133
FDIC assessments	2,108		2,194		2,131		4,302		4,289
Amortization of intangibles	5,131		5,309		6,003		10,440		12,295
OREO expense and net loss (gain) on sale	8		241		(109)		249		(135)
Provision for credit losses on unfunded commitments	150		150		251		300		501
Merger-related charges	2,422		1,051		—		3,473		—
Other	6,205		7,073		5,869		13,278		12,401
Total	$	91,730	$	90,597	$	82,537	$	182,327	$	172,908

Salaries and wages totaled $44.4 million for the second quarter of 2025, $42.2 million for the first quarter of 2025, and $38.9 million for the second quarter of 2024. The second quarter of 2025 reflects higher performance driven incentive compensation. For the six months ended June 30, 2025, salaries and wages totaled $86.7 million, an increase of $7.4 million, or 9%, compared to the six months ended June 30, 2024. The increases compared to the second quarter of 2024 and six months ended June 30, 2024 reflect the successful recruiting and onboarding of banking teams and talent across our footprint.

During the second quarter of 2025, employee benefits, which include costs associated with the Company’s self-funded health insurance benefits, 401(k) plan, payroll taxes, and unemployment compensation, were $8.1 million, a decrease of $0.8 million, or 9%, compared to the seasonally higher first quarter of 2025, and an increase of $1.2 million, or 18%, compared to the second quarter of 2024. For the six months ended June 30, 2025, employee benefit costs totaled $17.0 million, an increase of $2.2 million, or 15%, compared to the six months ended June 30, 2024.

The Company utilizes third parties for its core data processing systems. Ongoing data processing costs are directly related to the number of transactions processed and the negotiated rates associated with those transactions. Outsourced data processing costs totaled $8.5 million for the second quarter of 2025 and the first quarter of 2025, and $8.2 million for the second quarter of 2024. For the six months ended June 30, 2025, outsourced data processing costs totaled $17.0 million, a decrease of $3.3 million, or 16%, compared to the six months ended June 30, 2024. In the first quarter of 2024, the Company incurred $4.1 million in charges associated with contract terminations and modifications to consolidate systems.

Total occupancy and furniture and equipment expenses were $9.6 million in the second quarter of 2025, $9.5 million in the first quarter of 2025, and $9.1 million in the second quarter of 2024. For the six months ended June 30, 2025, occupancy and furniture and equipment expenses totaled $19.1 million, a decrease of $0.1 million, or 1%, compared to the six months ended June 30, 2024.

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Marketing expenses totaled $3.0 million in the second quarter of 2025, $2.7 million in the first quarter of 2025, and $3.3 million in the second quarter of 2024. For the six months ended June 30, 2025, marketing expenses totaled $5.7 million, a decrease of $0.2 million, or 4%, compared to the six months ended June 30, 2024. Changes between periods are primarily driven by the timing of various campaigns to support customer growth initiatives.

Legal and professional fees for the second quarter of 2025 were $2.1 million, a decrease of $0.7 million, or 24%, compared to the first quarter of 2025, and an increase of $0.1 million, or 4%, compared to the second quarter of 2024. For the six months ended June 30, 2025, legal and professional fees totaled $4.8 million, an increase of $0.7 million, or 16%, compared to the six months ended June 30, 2024.

Merger-related charges were $2.4 million in the second quarter of 2025 and $1.1 million in the first quarter of 2025, reflecting expenses related to the Heartland acquisition and the proposed VBI acquisition. There were no merger-related charges in the 2024 periods.

Provision for Credit Losses

The provision for credit losses was $4.4 million in the second quarter of 2025, compared to $9.3 million in the first quarter of 2025, and $4.9 million in the second quarter of 2024. For the six months ended June 30, 2025, the provision for credit losses was $13.6 million, compared to $6.3 million for the six months ended June 30, 2024. Allowance coverage of 1.34% remains flat compared to December 31, 2024.

Income Taxes

For the second quarter of 2025, the Company recorded tax expense of $12.6 million, an increase of $3.2 million, or 34%, compared to the first quarter of 2025 and an increase of $3.7 million, or 41%, compared to the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 22.8%, compared to 23.0% in the first quarter of 2025 and 22.8% in the second quarter of 2024. For the six months ended June 30, 2025, tax expense totaled $22.0 million, an increase of $5.2 million, or 31%, compared to the six months ended June 30, 2024, with an effective tax rate of 22.9% in each period.

New federal tax legislation was signed into law on July 4, 2025, which includes a broad range of tax reform provisions, and extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act. The Company is evaluating the impact of the new legislation on its consolidated financial statements.

Explanation of Certain Unaudited Non-GAAP Financial Measures

This report contains financial information determined by methods other than GAAP. The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, FTE net interest income, noninterest income, noninterest expense, tax adjustments, net interest margin and other financial ratios. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.

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Reconciliation of Non-GAAP Measures

	Second			First			Second			Six Months Ended June 30,
	Quarter			Quarter			Quarter
(Amounts in thousands, except per share data)	2025			2025			2024			2025			2024
Net income	$	42,687		$	31,464		$	30,244		$	74,151		$	56,250
Total noninterest income	24,521			22,180			22,184			46,701			42,681
Securities (gains) losses, net	(39)			(196)			44			(235)			(185)
Total adjustments to noninterest income	(39)			(196)			44			(235)			(185)
Total adjusted noninterest income	$	24,482		$	21,984		$	22,228		$	46,466		$	42,496
Total noninterest expense	91,730			90,597			82,537			182,327			172,908
Merger-related charges	(2,422)			(1,051)			—			(3,473)			—
Branch reductions and other expense initiatives	—			—			—			—			(7,094)
Adjustments to noninterest expense	(2,422)			(1,051)			—			(3,473)			(7,094)
Adjusted noninterest expense	$	89,308		$	89,546		$	82,537		$	178,854		$	165,814
Income taxes	12,589			9,386			8,909			21,975			16,739
Tax effect of adjustments	604			217			11			821			1,751
Adjusted income taxes	13,193			9,603			8,920			22,796			18,490
Adjusted net income	$	44,466		$	32,102		$	30,277		$	76,568		$	61,408
Earnings per diluted share, as reported	$	0.50		$	0.37		$	0.36		$	0.87		$	0.66
Adjusted earnings per diluted share	0.52			0.38			0.36			0.90			0.72
Average diluted shares outstanding	85,479			85,388			84,816			85,454			84,799
Adjusted noninterest expense	$	89,308		$	89,546		$	82,537		$	178,854		$	165,814
Provision for credit losses on unfunded commitments	(150)			(150)			(251)			(300)			(501)
OREO expense and net (loss) gain on sale	(8)			(241)			109			(249)			135
Amortization of intangibles	(5,131)			(5,309)			(6,003)			(10,440)			(12,295)
Net adjusted noninterest expense	$	84,019		$	83,846		$	76,392		$	167,865		$	153,153
Net adjusted noninterest expense	$	84,019		$	83,846		$	76,392		$	167,865		$	153,153
Average tangible assets	15,004,763			14,593,955			14,020,793			14,800,495			13,943,019
Net adjusted noninterest expense to average tangible assets	2.25		%	2.33		%	2.19		%	2.29		%	2.21		%
Net revenue	$	151,385		$	140,697		$	126,608		$	292,082		$	252,183
Total adjustments to net revenue	(39)			(196)			44			(235)			(185)
Impact of FTE adjustment	431			340			233			772			452
Adjusted net revenue on a FTE basis	$	151,777		$	140,841		$	126,885		$	292,619		$	252,450
Adjusted efficiency ratio	55.36		%	59.53		%	60.21		%	57.37		%	60.67		%
Net interest income	$	126,864		$	118,517		$	104,424		$	245,381		$	209,502
Impact of FTE adjustment	431			340			233			772			452
Net interest income including FTE adjustment	127,295			118,857			104,657			246,153			209,954
Total noninterest income	24,521			22,180			22,184			46,701			42,681
Total noninterest expense less provision for credit losses on unfunded commitments	91,580			90,447			82,286			182,027			172,407

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	Second			First			Second			Six Months Ended June 30,
	Quarter			Quarter			Quarter
(Amounts in thousands, except per share data)	2025			2025			2024			2025			2024
Pre-tax pre-provision earnings	60,236			50,590			44,555			110,827			80,228
Total adjustments to noninterest income	(39)			(196)			44			(235)			(185)
Total adjustments to noninterest expense including OREO expense and net (gain) loss on sale	2,430			1,292			(109)			3,722			6,959
Adjusted pre-tax pre-provision earnings	$	62,627		$	51,686		$	44,490		$	114,314		$	87,002
Average assets	15,801,194			15,395,642			14,839,707			15,599,540			14,765,241
Less average goodwill and intangible assets	(796,431)			(801,687)			(818,914)			(799,045)			(822,222)
Average tangible assets	$	15,004,763		$	14,593,955		$	14,020,793		$	14,800,495		$	13,943,019
Return on average assets (ROA)	1.08		%	0.83		%	0.82		%	0.96		%	0.77		%
Impact of other adjustments for adjusted net income	0.05			0.02			—			0.03			0.07
Adjusted ROA	1.13			0.85			0.82			0.99			0.84
ROA	1.08			0.83			0.82			0.96			0.77
Impact of removing average intangible assets and related amortization	0.16			0.15			0.18			0.16			0.17
Return on average tangible assets (ROTA)	1.24			0.98			1.00			1.12			0.94
Impact of other adjustments for adjusted net income	0.05			0.02			—			0.03			0.08
Adjusted ROTA	1.29		%	1.00		%	1.00		%	1.15		%	1.02		%
Average shareholders’ equity	$	2,252,208		$	2,214,995		$	2,117,628		$	2,233,704		$	2,118,005
Less average goodwill and intangible assets	(796,431)			(801,687)			(818,914)			(799,045)			(822,222)
Average tangible equity	$	1,455,777		$	1,413,308		$	1,298,714		$	1,434,659		$	1,295,783
Return on average shareholders’ equity	7.60		%	5.76		%	5.74		%	6.69		%	5.34		%
Impact of removing average intangible assets and related amortization	5.22			4.41			5.01			4.83			4.81
Return on average tangible common equity (ROTCE)	12.82			10.17			10.75			11.52			10.15
Impact of other adjustments for adjusted net income	0.49			0.18			0.01			0.34			0.80
Adjusted ROTCE	13.31		%	10.35		%	10.76		%	11.86		%	10.95		%
Loan interest income1	$	157,499		$	150,973		$	147,518		$	308,472		$	294,826
Accretion on acquired loans	(10,583)			(8,221)			(10,178)			(18,804)			(20,773)
Loan interest income excluding accretion on acquired loans1	$	146,916		$	142,752		$	137,340		$	289,668		$	274,053
Yield on loans1	5.98		%	5.90		%	5.93		%	5.94		%	5.92		%
Impact of accretion on acquired loans	(0.40)			(0.32)			(0.41)			(0.36)			(0.42)
Yield on loans excluding accretion on acquired loans1	5.58		%	5.58		%	5.52		%	5.58		%	5.50		%
Net interest income1	$	127,295		$	118,857		$	104,657		$	246,153		$	209,954
Accretion on acquired loans	(10,583)			(8,221)			(10,178)			(18,804)			(20,773)
Net interest income excluding accretion on acquired loans1	$	116,712		$	110,636		$	94,479		$	227,349		$	189,181
Net interest margin1	3.58		%	3.48		%	3.18		%	3.53		%	3.21		%

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	Second			First			Second			Six Months Ended June 30,
	Quarter			Quarter			Quarter
(Amounts in thousands, except per share data)	2025			2025			2024			2025			2024
Impact of accretion on acquired loans	(0.29)			(0.24)			(0.31)			(0.27)			(0.31)
Net interest margin excluding accretion on acquired loans1	3.29		%	3.24		%	2.87		%	3.26		%	2.89		%
Securities interest income1	$	32,519		$	29,422		$	24,195		$	61,942		$	46,629
FTE adjustment to securities	(7)			(7)			(7)			(15)			(14)
Securities interest income excluding FTE adjustment	32,512			29,415			24,188			61,927			46,615
Loan interest income1	157,499			150,973			147,518			308,472			294,825
FTE adjustment to loans	(424)			(333)			(226)			(757)			(438)
Loan interest income excluding FTE adjustment	157,075			150,640			147,292			307,715			294,387
Net interest income1	127,295			118,857			104,657			246,153			209,954
FTE adjustments to securities	(7)			(7)			(7)			(15)			(14)
FTE adjustments to loans	(424)			(333)			(226)			(757)			(438)
Net interest income excluding FTE adjustments	$	126,864		$	118,517		$	104,424		$	245,381		$	209,502
1On a FTE basis. All yields and rates have been computed using amortized cost.

Financial Condition

Total assets as of June 30, 2025 were $15.9 billion, an increase of $768.6 million, or 5%, from December 31, 2024.

Securities

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

At June 30, 2025, the Company had $2.9 billion in AFS securities and $613.3 million in HTM securities. The Company’s total debt securities portfolio increased $617.8 million from December 31, 2024. Throughout the first half of 2025, the Company made strategic securities purchases to deploy liquidity in advance of the Heartland acquisition.

Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 5.1 and 5.3, respectively, at June 30, 2025 compared to 4.7 and 4.9, respectively, at December 31, 2024.

At June 30, 2025, AFS securities had gross unrealized losses of $173.4 million and gross unrealized gains of $17.6 million, compared to gross unrealized losses of $211.3 million and gross unrealized gains of $3.5 million at December 31, 2024.

The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government sponsored entities totaled $2.9 billion, or 91%, of the total portfolio.

The portfolio includes $113.4 million, with a fair value of $107.4 million, in private label residential and commercial mortgage-backed securities and collateralized mortgage obligations. Included are $108.8 million, with a fair value of $102.8 million, in private label residential securities with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans. Commercial securities totaled $4.7 million, with a fair value of $4.6 million. These securities have weighted-average credit support of 43%. The collateral underlying these mortgages are primarily pooled commercial real estate loans.

The Company also has invested $258.0 million in floating rate CLOs. CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of June 30, 2025, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 32%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.

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HTM securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government-sponsored entities, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity through other sources if needed, and has the intent and ability to hold these investments to maturity.

At June 30, 2025, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment. Management believes that each investment will recover any price depreciation over its holding period as the debt securities move to maturity, and management has the intent and ability to hold these investments to maturity if necessary. Therefore, at June 30, 2025, no allowance for credit losses has been recorded.

Loan Portfolio

Loans, net of unearned income and excluding the allowance for credit losses, were $10.6 billion at June 30, 2025, a $308.9 million, or 3.0%, increase from December 31, 2024.

The Company remains committed to sound risk management procedures. Portfolio diversification in terms of asset mix, industry, and loan type has been and continues to be an important element of the Company’s lending strategy. The average loan size is $437 thousand, and the average commercial loan size is $872 thousand at June 30, 2025, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships. Lending policies contain guardrails that pertain to lending by type of collateral and purpose, along with limits regarding loan concentrations and the principal amount of loans. The Company’s exposure to CRE lending remains well below regulatory limits (see “Loan Concentrations”).

The following tables detail loan portfolio composition at June 30, 2025 and December 31, 2024 for portfolio loans, PCD loans, and loans purchased which are not considered PCD (“Non-PCD”) as defined in “Note 4 - Loans”.

	June 30, 2025
(In thousands)	Portfolio Loans		Acquired Non-PCD Loans		PCD Loans		Total		% to Total Loans
Construction and land development	$	561,128	$	41,425	$	526	$	603,079	6	%
CRE - owner occupied	1,313,169		437,536		28,225		1,778,930		17
CRE - non-owner occupied	2,514,409		1,024,781		85,338		3,624,528		34
Residential real estate	1,976,802		687,933		13,307		2,678,042		25
Commercial and financial	1,559,314		165,207		16,637		1,741,158		16
Consumer	146,796		36,128		163		183,087		2
Totals	$	8,071,618	$	2,393,010	$	144,196	$	10,608,824	100	%

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

The amortized cost basis of loans included net deferred costs of $45.6 million at June 30, 2025 and $43.9 million at December 31, 2024. At June 30, 2025, the remaining fair value adjustments on acquired loans were $108.5 million, or 4.1%, of the outstanding acquired loan balances, compared to $128.1 million, or 4.3%, of the acquired loan balances at December 31, 2024. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.

Construction and land development loans decreased $45.0 million, or 7%, totaling $603.1 million at June 30, 2025, compared to December 31, 2024. These loans, extended to both commercial and consumer customers, are collateralized by and for the

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purpose of funding land development and construction projects. Repayment is from the proceeds of the sale, refinancing or permanent financing of the property.

CRE owner occupied loans totaled $1.8 billion at June 30, 2025, an increase of $92.3 million, or 5% compared to December 31, 2024. CRE owner occupied loans are extended to commercial customers for the purpose of acquiring or refinancing real estate to be occupied by the borrower's business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property.

CRE non-owner occupied loans increased $120.7 million, totaling $3.6 billion at June 30, 2025 compared to $3.5 billion at December 31, 2024. Non-owner occupied CRE loans are collateralized by properties where the source of repayment is typically from the sale or lease of the property. Within the non-owner occupied CRE portfolio, the largest segment is Retail properties, which totaled approximately $1.3 billion at June 30, 2025, with an average loan size of $2.6 million. This segment targets grocery or credit tenant-anchored shopping plazas, single credit tenant retail buildings, smaller outparcels, and other small retail units. The second-largest segment in the non-owner occupied CRE portfolio is office properties, which totaled $556.6 million at June 30, 2025, with an average loan size of $1.7 million. This segment targets low to mid-rise suburban offices and is broadly diversified across many types of professional services, with limited exposure to central business districts. Other non-owner occupied CRE loans include $504.7 million in loans collateralized by industrial or warehouse properties, $413.2 million collateralized by multi-family residential properties, $306.3 million collateralized by hotels or motels, and $582.8 million collateralized by other property types, including restaurants, schools and recreation centers.

Residential real estate loans increased $61.3 million to $2.7 billion at June 30, 2025. Included in the balance as of June 30, 2025, were $1.0 billion of fixed rate mortgages, $1.0 billion of adjustable rate mortgages and $635.4 million in home equity loans and HELOCs, compared to $1.0 billion, $970.2 million and $614.7 million, respectively, at December 31, 2024. Substantially all residential mortgage originations have been underwritten to conventional loan agency standards, including loan balances that exceed agency value limitations. The average LTV of our HELOC portfolio is 63%, with 31% of the loans being in first lien position at June 30, 2025, compared to an average LTV of 64%, with 31% of the portfolio being in the first lien position at December 31, 2024.

Commercial and financial loans increased $89.8 million, or 5%, from December 31, 2024, totaling $1.7 billion at June 30, 2025. The purpose of these loans may be to provide working capital, asset acquisition or for other business purposes, and are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.

The Company also provides consumer loans, which include installment loans, auto loans, marine loans, and other consumer loans, which decreased $10.2 million, or 5%, to total $183.1 million at June 30, 2025, compared to $193.3 million at December 31, 2024.

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Loan production and late-stage pipelines (loans in underwriting and approval or approved and not yet closed) are detailed in the following table for the periods specified. Pipelines include lines of credit at the full proposed commitment amount, which may not result in fully funded originations.

	Second		First		Second
	Quarter		Quarter		Quarter
(In thousands)	2025		2025		2024
Commercial/CRE loan pipeline at period end	$	861,237	$	904,111	$	773,085
Commercial/CRE loans closed	715,271		422,837		414,183
Residential pipeline - saleable at period end	14,371		15,495		12,095
Residential loans - sold	26,362		15,531		21,417
Residential pipeline - portfolio at period end	29,160		37,532		24,721
Residential loans - retained	58,201		70,322		42,431
Consumer pipeline at period end	16,174		24,433		24,532
Consumer originations	53,784		46,732		59,973

Commercial and CRE originations during the second quarter of 2025 were $715.3 million, an increase of $292.4 million, or 69%, compared to the first quarter of 2025, and an increase of $301.1 million, or 73%, compared to the second quarter of 2024. Commercial and CRE pipelines were $861.2 million as of June 30, 2025, a decrease of $42.9 million, or 5%, from $904.1 million at March 31, 2025, and an increase of 11% from $773.1 million at June 30, 2024. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets.

Residential loans originated for sale in the secondary market totaled $26.4 million in the second quarter of 2025, compared to $15.5 million in the first quarter of 2025 and $21.4 million in the second quarter of 2024. Residential saleable pipelines were $14.4 million as of June 30, 2025, compared to $15.5 million as of March 31, 2025 and $12.1 million as of June 30, 2024.

Residential loan production retained in the portfolio for the second quarter of 2025 was $58.2 million, compared to $70.3 million in the first quarter of 2025 and $42.4 million in the second quarter of 2024. The pipeline of residential loans intended to be retained in the portfolio was $29.2 million as of June 30, 2025, compared to $37.5 million as of March 31, 2025, and $24.7 million as of June 30, 2024.

Consumer originations, which include HELOCs, totaled $53.8 million during the second quarter of 2025, compared to $46.7 million in the first quarter of 2025 and $60.0 million in the second quarter of 2024. The consumer pipeline was $16.2 million as of June 30, 2025, compared to $24.4 million as of March 31, 2025 and $24.5 million at June 30, 2024.

Loan Concentrations

The Company has developed guardrails to manage loan types that are most impacted by stressed market conditions to minimize credit risk concentration to capital. Outstanding balances for commercial and CRE loan relationships greater than $10 million totaled $2.9 billion, representing 28% of the total portfolio at June 30, 2025, compared to $2.7 billion, or 26%, at December 31, 2024. The Company’s ten largest commercial and CRE funded and unfunded relationships at June 30, 2025 aggregated to $565.9 million, of which $497.5 million was funded, compared to $547.5 million at December 31, 2024, of which $433.0 million was funded.

Concentrations in construction and land development loans and CRE loans are maintained well below regulatory guidelines. Construction and land development and CRE loan concentrations as a percentage of subsidiary bank total risk based capital were 35% and 239%, respectively, at June 30, 2025, compared to 38% and 237%, respectively, at December 31, 2024. Regulatory guidance suggests limits of 100% and 300%, respectively. On a consolidated basis, construction and land development and CRE loans represent 33% and 221%, respectively, of total consolidated risk based capital as of June 30, 2025 compared to 36% and 224%, respectively, at December 31, 2024. To determine these ratios, the Company defines CRE in accordance with the guidance on “Concentrations in Commercial Real Estate Lending” (the “Guidance”) issued by the federal bank regulatory agencies in 2006 (and reinforced in 2015), which defines CRE loans as exposures secured by land development

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and construction, including 1-4 family residential construction, multi-family property, and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property (i.e., loans for which 50 percent or more of the source of repayment comes from third party, non-affiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. Loans to REITs and unsecured loans to developers that closely correlate to the inherent risks in CRE markets would also be considered CRE loans under the Guidance. Loans on owner-occupied CRE are generally excluded. In addition, the Company is subject to a geographic concentration of credit because it primarily operates in Florida.

Nonperforming Loans, TBMs, OREO and Credit Quality

NPAs at June 30, 2025 totaled $69.5 million, and were comprised of $64.2 million of nonaccrual loans, and $5.3 million of OREO, including $5.0 million of branches taken out of service. Overall, NPAs decreased $29.3 million, or 38%, from $98.9 million as of December 31, 2024. NPAs to total assets at June 30, 2025 decreased to 0.44% from 0.65% at December 31, 2024.

Compared to December 31, 2024, nonaccrual loans decreased $28.2 million, or 31%. Approximately 72% of nonaccrual loans were secured with real estate at June 30, 2025. Nonperforming loans to total loans outstanding at June 30, 2025 decreased to 0.61% from 0.90% at December 31, 2024.

The tables below set forth details related to nonaccrual loans.

	June 30, 2025
(In thousands)	Nonaccrual Loans With No Related Allowance		Nonaccrual Loans With an Allowance		Total Nonaccrual Loans
Construction and land development	$	486	$	1,436	$	1,922
CRE - owner occupied	5,291		10,971		16,262
CRE - non-owner occupied	9,941		343		10,284
Residential real estate	5,570		12,252		17,822
Commercial and financial	—		14,754		14,754
Consumer	—		3,155		3,155
Totals	$	21,288	$	42,911	$	64,199

	December 31, 2024
(In thousands)	Nonaccrual Loans With No Related Allowance		Nonaccrual Loans With an Allowance		Total Nonaccrual Loans
Construction and land development	$	492	$	660	$	1,152
CRE - owner occupied	2,622		6,118		8,740
CRE - non-owner occupied	29,449		433		29,882
Residential real estate	6,462		17,432		23,894
Commercial and financial	2,703		17,806		20,509
Consumer	2,416		5,853		8,269
Totals	$	44,144	$	48,302	$	92,446

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

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

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Allowance for Credit Losses on Loans

Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments.

The Company recorded provision expense of $4.4 million and $13.6 million, respectively, for the three and six months ended June 30, 2025, compared to $4.9 million and $6.3 million, respectively, for the three and six months ended June 30, 2024. The Company recorded net charge-offs of $2.5 million and $9.5 million, respectively, in the three and six months ended June 30, 2025, compared to $9.9 million and $13.6 million, respectively, for the three and six months ended June 30, 2024.

The ratio of allowance for credit losses to total loans was 1.34% at June 30, 2025, 1.34% at December 31, 2024, and 1.41% at June 30, 2024.

Cash and Cash Equivalents and Liquidity Risk Management

Liquidity risk involves the risk of being unable to fund assets with the appropriate duration and rate-based liability, as well as the risk of not being able to meet unexpected cash needs. Liquidity planning and management are necessary to ensure the ability to fund operations cost effectively and to meet current and future potential obligations such as loan commitments and unexpected deposit outflows.

Funding sources primarily include customer-based deposits, collateral-backed borrowings, brokered deposits, cash flows from operations, cash flows from the loan and investment portfolios and asset sales, primarily secondary marketing for residential real estate mortgages. Cash flows from operations are a significant component of liquidity risk management and the Company considers both deposit maturities and the scheduled cash flows from loan and investment maturities and payments when managing risk.

Cash and cash equivalents, including interest bearing deposits, totaled $332.4 million at June 30, 2025, compared to $476.6 million at December 31, 2024.

Deposits are a primary source of liquidity. The stability of this funding source is affected by numerous factors, including returns available to customers on alternative investments, the quality of customer service levels, perception of safety and competitive forces. Total uninsured deposits were estimated to be $4.5 billion at June 30, 2025, representing 36% of overall deposit accounts. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 31% of total deposits at June 30, 2025. The Company has liquidity sources as discussed below, including cash and lines of credit with the FRB and FHLB, that represent 138% of uninsured deposits, and 160% of uninsured and uncollateralized deposits.

In addition to $332.4 million in cash and cash equivalents at June 30, 2025, the Company had $5.9 billion in available borrowing capacity, including $3.5 billion in available collateralized lines of credit, $2.0 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million. The Company may also access funding by acquiring brokered deposits. Brokered deposits at June 30, 2025 totaled $515.3 million, compared to $293.6 million at December 31, 2024.

Contractual maturities for assets and liabilities are reviewed to meet current and expected future liquidity requirements. Sources of liquidity are maintained through a portfolio of high-quality marketable assets, such as residential mortgage loans, debt securities AFS and interest-bearing deposits. The Company is also able to provide short-term financing of its activities by selling, under an agreement to repurchase, United States Treasury and Government agency debt securities not pledged to secure public deposits or trust funds.

The Company has traditionally relied upon dividends from Seacoast Bank and securities offerings to provide funds to pay the Company’s expenses and to service the Company’s debt. During the second quarter of 2025, Seacoast Bank distributed $32.0 million to the Company. At June 30, 2025, the Company had cash and cash equivalents at the parent of approximately $128.1 million, compared to $95.8 million at December 31, 2024.

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Deposits and Borrowings

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

(In thousands, except ratios)	June 30, 2025			December 31, 2024
Noninterest demand	$	3,376,941		$	3,352,372
Interest-bearing demand	2,518,857			2,667,843
Money market	4,111,789			4,086,362
Savings	557,472			519,977
Time deposits	1,417,236			1,371,522
Brokered time certificates	$	515,303		$	244,351
Total deposits	$	12,497,598		$	12,242,427
Securities sold under agreements to repurchase	186,090			232,071
Total customer funding1	$	12,168,385		$	12,180,860
Noninterest demand deposit mix	27		%	27		%
1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.

The Company benefits from a diverse and granular deposit base that serves as a significant source of strength. Total deposits increased $255.2 million, or 4% annualized, to $12.5 billion at June 30, 2025 compared to December 31, 2024.

Noninterest demand deposits represented 27% of total deposits at both June 30, 2025 and December 31, 2024. Customer transaction account balances (noninterest demand and interest-bearing demand) represented 47% of total deposits at June 30, 2025, compared to 50% at December 31, 2024.

Customer repurchase agreements totaled $186.1 million at June 30, 2025, decreasing $46.0 million, or 20%, from December 31, 2024. Repurchase agreements are offered by Seacoast to select customers who wish to sweep excess balances on a daily basis for investment purposes.

At June 30, 2025 and December 31, 2024, long-term debt included $72.6 million and $72.5 million, respectively, related to trust preferred securities issued by trusts organized or acquired by the Company. At June 30, 2025, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 6.29%, compared to 6.34% at December 31, 2024. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. Under Basel III and FRB rules, qualified trust preferred securities and other restricted capital elements can be included as Tier 1 capital, within limitations. The Company believes that its trust preferred securities qualify under these capital rules.

In 2023, the Company acquired $25.0 million in subordinated debt through a bank acquisition that qualifies as Tier 2 Capital. Contractual interest is paid on a semiannual basis at a fixed interest rate of 3.375% until January 30, 2027, at which point the rate converts to a 3-month SOFR rate plus 203 basis points paid quarterly until maturity in 2032. The debt was recorded at fair value, resulting in a $3.9 million discount that is being accreted into interest expense over the remaining term to maturity.

In 2022, the Company acquired $12.3 million in senior debt through a bank acquisition. Contractual interest is paid on a semiannual basis at a fixed rate of 5.50% until October 30, 2025, at which point the rate converts to a floating rate of 3-month SOFR plus 533 basis points until maturity in 2030. The debt was recorded at fair value, resulting in a $0.4 million premium that is being amortized into interest expense over the remaining term to maturity.

FHLB advances totaled $715.0 million at June 30, 2025 with a weighted-average interest rate of 4.15%, compared to advances outstanding of $245.0 million at December 31, 2024 with a weighted-average interest rate of 4.19%. The Company utilized short-term fixed-rate advances to fund securities purchases in the first and second quarters of 2025.

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Off-Balance Sheet Transactions

In the normal course of business, the Company may engage in a variety of financial transactions that, under GAAP, either are not recorded on the balance sheet or are recorded on the balance sheet in amounts that differ from the full contract or notional amounts. These transactions involve varying elements of market, credit and liquidity risk.

Lending commitments include unfunded loan commitments and standby and commercial letters of credit. For loan commitments, the contractual amount of a commitment represents the maximum potential credit risk that could result if the entire commitment had been funded, the borrower had not performed according to the terms of the contract, and no collateral had been provided. A large majority of loan commitments and standby letters of credit expire without being funded, and accordingly, total contractual amounts are not representative of actual future credit exposure or liquidity requirements. Loan commitments and letters of credit expose the Company to credit risk in the event that the customer draws on the commitment and subsequently fails to perform under the terms of the lending agreement.

For commercial customers, loan commitments generally take the form of revolving credit arrangements. For retail customers, loan commitments generally are lines of credit secured by residential property. These instruments are not recorded on the balance sheet until funds are advanced under the commitment. Unfunded commitments to extend credit were $3.0 billion at June 30, 2025 and $2.9 billion at December 31, 2024.

In the normal course of business, the Company and Seacoast Bank enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions. A summary of the most restrictive items follows:

Seacoast Bank may be required to maintain reserve balances with the FRB. There was no reserve requirement at June 30, 2025 or December 31, 2024.

Under FRB regulation, Seacoast Bank is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations. At June 30, 2025, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $192.6 million, if the Company has sufficient acceptable collateral. There were no loans made to affiliates during the six months ended June 30, 2025.

Capital Resources

The Company’s equity capital at June 30, 2025 increased $88.3 million, or 4%, from December 31, 2024 to $2.3 billion. Changes in equity included increases from net income, and an improvement in accumulated other comprehensive loss due to increases in the value of AFS securities associated with changes in interest rates, partially offset by the payment of common stock dividends.

The ratio of shareholders’ equity to period end total assets was 14.25% and 14.39% at June 30, 2025 and December 31, 2024, respectively. The ratio of tangible shareholders’ equity to tangible assets was 9.75% and 9.60% at June 30, 2025 and December 31, 2024, respectively. Changes in the value of HTM securities are not reflected in shareholders’ equity under GAAP; however, illustratively, if all HTM securities were presented at fair value, the tangible common equity ratio would have been 9.27% at June 30, 2025 and 8.96% at December 31, 2024.

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

(In thousands)	Six Months Ended June 30, 2025		Six Months Ended June 30, 2024
Balance at beginning of period	$	2,183,243	$	2,108,086
Net income	74,151		56,250
Stock-based compensation expense	6,996		6,105
Common stock transactions related to stock-based employee benefit plans	(1,425)		(298)
Repurchase of common stock	—		(880)
Dividends on common stock ($0.36 per share in each period)	(30,960)		(30,750)
Change in accumulated other comprehensive income (loss)	39,560		(8,132)
Balance at end of period	$	2,271,565	$	2,130,381

Capital ratios are well above regulatory requirements for well-capitalized institutions. Management’s use of risk-based capital ratios in its analysis of the Company’s capital adequacy are not GAAP financial measures. Seacoast’s management uses these measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company. The capital measures are not necessarily comparable to similar capital measures that may be presented by other companies and Seacoast does not nor should investors consider such non-GAAP financial measures in isolation from, or as a substitute for GAAP financial information (see “Note 8 – Regulatory Capital”).

June 30, 2025	Seacoast (Consolidated)	Seacoast Bank	Minimum to be Well- Capitalized1
Total Risk-Based Capital Ratio	16.09%	14.95%	10.00%
Tier 1 Capital Ratio	14.65	13.70	8.00
CET1 Ratio	14.02	13.70	6.50
Leverage Ratio	11.09	10.36	5.00
1For subsidiary bank only.

The Company and Seacoast Bank are subject to various general regulatory policies and requirements relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums. The appropriate federal bank regulatory authority may prohibit the payment of dividends where it has determined that the payment of dividends would be an unsafe or unsound practice. The Company is a legal entity separate and distinct from Seacoast Bank and its other subsidiaries, and the Company’s primary source of cash and liquidity, other than securities offerings and borrowings, is dividends from its bank subsidiary. Without OCC approval, Seacoast Bank can pay $95.9 million of dividends to the Company.

The OCC and the Federal Reserve have policies that encourage banks and BHCs to pay dividends from current earnings, and have the general authority to limit the dividends paid by national banks and BHCs, respectively, if such payment may be deemed to constitute an unsafe or unsound practice. If, in the particular circumstances, either of these federal regulators determined that the payment of dividends would constitute an unsafe or unsound banking practice, either the OCC or the Federal Reserve may, among other things, issue a cease and desist order prohibiting the payment of dividends by Seacoast Bank or us, respectively. The board of directors of a BHC must consider different factors to ensure that its dividend level, if any, is prudent relative to the organization’s financial position and is not based on overly optimistic earnings scenarios such as any potential events that may occur before the payment date that could affect its ability to pay, while still maintaining a strong financial position. As a general matter, the FRB has indicated that the board of directors of a BHC, such as Seacoast, should consult with the FRB and eliminate, defer, or significantly reduce the BHC’s dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios.

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

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The Company has seven wholly owned trust subsidiaries that have issued trust preferred stock. Trust preferred securities from acquisitions were recorded at fair value when acquired. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. The FRB’s rules permit qualified trust preferred securities and other restricted capital elements to be included under Basel III capital guidelines, with limitations, and net of goodwill and intangibles. The Company believes that its trust preferred securities qualify under these revised regulatory capital rules and believes that it can treat all its trust preferred securities as Tier 1 capital. For regulatory purposes, the trust preferred securities are added to the Company’s tangible common shareholders’ equity to calculate Tier 1 capital.

Critical Accounting Policies and Estimates

The Company’s critical accounting policies are discussed in the MD&A in Seacoast’s Annual Report on Form 10-K for the year ended December 31, 2024. Significant accounting policies are discussed in “Note 1 – Significant Accounting Policies” in Form 10-K for the year ended December 31, 2024. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1 – Basis of Presentation” in this report. There have been no changes to the Company’s critical accounting policies during 2025.

Interest Rate Sensitivity

Fluctuations in interest rates may result in changes in the fair value of the Company’s financial instruments, cash flows and net interest income. This risk is managed using simulation modeling to calculate the most likely interest rate risk. The objective is to optimize the Company’s financial position, liquidity, and net interest income while limiting volatility.

Senior management regularly reviews the overall interest rate risk position and evaluates strategies to manage the risk. The Company uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust balance sheet exposures to assess the impact of market interest rate swings. The analysis of the impact on net interest income is subjected to instantaneous changes in market rates and is monitored at least quarterly.

The following table presents the ALCO simulation model’s projected impact of a change in interest rates on the net interest income for the 12- and 24-month periods beginning July 1, 2025, holding all balances on the balance sheet static. It is important to note that the results in the table below assume parallel shifts in the yield curve and do not take into account changes in the yield curve slope nor changes in balance sheet size or mix.

	% Change in Projected Baseline
	Net Interest Income
	June 30, 2025
Change in Interest Rates	1-12 months	13-24 months
+3.00%	(11.0)%	(6.3)%
+2.00%	(6.3)%	(3.0)%
+1.00%	(2.5)%	(0.7)%
Current	—%	—%
-1.00%	2.0%	(0.5%)
-2.00%	5.0%	(1.1%)
-3.00%	7.5%	(2.7%)

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

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Effects of Inflation and Changing Prices

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

Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more significant impact on a financial institution’s performance than the general level of inflation. However, inflation affects financial institutions by increasing their cost of goods and services purchased, as well as the cost of salaries and benefits, occupancy expense, and similar items. Inflation and related increases in interest rates generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings, and shareholders’ equity. Mortgage origination and refinancing tends to slow as interest rates increase, and higher interest rates likely will reduce the Company’s earnings from such activities and the income from the sale of residential mortgage loans in the secondary market.

Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

See also Management’s discussion and analysis “Interest Rate Sensitivity.”

Market risk refers to potential losses arising from changes in interest rates, and other relevant market rates or prices.

Interest rate risk, defined as the exposure of net interest income and EVE to adverse movements in interest rates, is the Company’s primary market risk, and mainly arises from the structure of the balance sheet (non-trading activities). The Company is also exposed to market risk in its investing activities. The ALCO meets regularly and is responsible for reviewing the interest rate sensitivity position of the Company and establishing policies to monitor and limit exposure to interest rate risk. The policies established by the ALCO are reviewed and approved by the Company’s board of directors. The primary goal of interest rate risk management is to control exposure to interest rate risk, within policy limits approved by the board of directors. These limits reflect the Company’s tolerance for interest rate risk over short-term and long-term horizons.

The Company also performs valuation analyses, which are used for evaluating levels of risk present in the balance sheet that might not be taken into account in the net interest income simulation analyses. Whereas net interest income simulation highlights exposures over a relatively short time horizon, valuation analysis incorporates all cash flows over the estimated remaining life of all balance sheet positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of asset cash flows minus the discounted value of liability cash flows, the net result of which is the EVE. The sensitivity of EVE to changes in the level of interest rates is a measure of the longer-term re-pricing risks and options risks embedded in the balance sheet. Similar to net interest income simulation, EVE uses instantaneous changes in rates.

EVE values only the current balance sheet and does not incorporate the reinvestment assumptions that are used in the net interest income simulation model. As with the net interest income simulation model, assumptions about the timing and variability of balance sheet cash flows are critical in the EVE analysis. Particularly important are the assumptions driving prepayments and the expected changes in balances and pricing of the indeterminate maturity deposit portfolios. Stable deposits are a more significant funding source for the Company, making the estimated lives attached to stable deposits more important to the accuracy of our EVE modeling. The Company periodically reassesses its assumptions regarding the indeterminate lives of core deposits utilizing an independent third-party resource to assist.

The following table presents the projected impact of a change in interest rates on the balance sheet. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.

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Change in Interest Rates	% Change in
	Economic Value of
	Equity
+3.00%	(25.0)%
+2.00%	(15.7)%
+1.00%	(7.5)%
Current	—%
-1.00%	7.0%
-2.00%	12.1%
-3.00%	12.2%

While an instantaneous and severe shift in interest rates is used in this analysis, a gradual shift in interest rates would have a much more modest impact. Since EVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in EVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon, i.e., the next fiscal year. Further, EVE does not consider factors such as future balance sheet growth, changes in product mix, change in yield curve relationships, and changing product spreads that could mitigate the adverse impact of changes in interest rates.

Item 4. CONTROLS AND PROCEDURES

The Company’s management, with the participation of its chief executive officer and chief financial officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of June 30, 2025 and concluded that those disclosure controls and procedures are effective.

During the quarter ended June 30, 2025, there have been no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Part II OTHER INFORMATION

Item 1. Legal Proceedings

The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial position, or operating results or cash flows.

Item 1A. Risk Factors

In addition to the other information set forth in this report, you should consider the factors discussed in “Part I, Item 1A. Risk Factors” in our report on Form 10-K for the year ended December 31, 2024, which could materially affect our business, financial condition and prospective results. The risks described in this report, in our Form 10-K or our other SEC filings are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. There have been no material changes with respect to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2024.

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

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

Period	Total Number of Shares Purchased1	Average Price Paid Per Share		Total Number of Shares Purchased as part of Public Announced Plan	Maximum Value of Shares that May Yet be Purchased Under the Plan (in thousands)
4/1/25 to 4/30/25	75,749	$	25.50	—	$	100,000
5/1/25 to 5/31/25	—	—		—	100,000
6/1/25 to 6/30/25	—	—		—	100,000
Total - 2nd Quarter	75,749	$	25.50	—	$	100,000
1Includes shares that were repurchased to pay for the exercise of stock options or for income taxes owed on vesting shares of restricted stock. These shares were not purchased under the Company’s stock repurchase plan to repurchase shares.

On December 18, 2024, the Company’s Board of Directors authorized the renewal of the Company’s share repurchase program, under which the Company may, from time to time, purchase up to $100 million of its shares of outstanding common stock. Under the share repurchase program, which will expire on December 31, 2025, repurchases will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market, by block purchase or by negotiated transactions. The amount and timing of repurchases, if any, will be based on a variety of factors, including share acquisition price, regulatory limitations, market conditions and other factors. The program does not obligate the Company to purchase any of its shares, and may be terminated or amended by the Board of Directors at any time prior to its expiration date.

No shares of the Company’s common stock were repurchased under the program during the three months ended June 30, 2025.

Item 3. Defaults upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

Trading arrangements

There were no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements adopted, modified or terminated by any director or officer of the Company during the three months ended June 30, 2025.

Item 6. Exhibits

Exhibit 2.1. Agreement and Plan of Merger dated February 27, 2025 by and among the Company, Seacoast National Bank, Heartland Bancshares, Inc. and Heartland National Bank incorporated herein by reference from Exhibit 2.1 to the Company’s Form 8-K, filed March 5, 2025.

Exhibit 2.2. Agreement and Plan of Merger dated May 29, 2025 by and among the Company, Seacoast National Bank, Villages Bancorporation, Inc. and Citizens First Bank incorporated herein by reference from Exhibit 2.1 to the Company’s Form 8-K, filed May 29, 2025.

Exhibit 3.1.1 Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed May 10, 2006.

Exhibit 3.1.2 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 23, 2008.

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Exhibit 3.1.3 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.4 to the Company’s Form S-1, filed June 22, 2009.

Exhibit 3.1.4 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed July 20, 2009.

Exhibit 3.1.5 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 3, 2009.

Exhibit 3.1.6 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K/A, filed July 14, 2010.

Exhibit 3.1.7 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 25, 2010.

Exhibit 3.1.8 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 1, 2011.

Exhibit 3.1.9 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 13, 2013.

Exhibit 3.1.10 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8K, filed May 30, 2018.

Exhibit 3.1.11 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8K, filed May 23, 2023.

Exhibit 3.1.12 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8K, filed May 22, 2025.

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

Exhibit 31.1 Certification of the Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 31.2 Certification of the Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.1 Statement of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 32.2 Statement of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

Exhibit 101

The following materials from Seacoast Banking Corporation of Florida’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 formatted in Inline XBRL: (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders’ Equity and (vi) the Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags.

Exhibit 104

The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline XBRL.

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SIGNATURES

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

SEACOAST BANKING CORPORATION OF FLORIDA

August 8, 2025	/s/ Charles M. Shaffer
	Charles M. Shaffer
	Chairman and Chief Executive Officer

August 8, 2025	/s/ Tracey L. Dexter
	Tracey L. Dexter
	Executive Vice President and Chief Financial Officer

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