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Fair Value
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value
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.
Loans and OREO: Fair values of collateral-dependent real estate loans and OREO are based on recent real estate appraisals less estimated costs of sale. Evaluations may use either a single valuation approach or a combination of approaches, such as comparative sales, cost and/or income approach. Adjustments to comparable sales may be made by an appraiser to reflect local market conditions or other economic factors and may result in changes in the fair value of an asset over time but none were made by management. As such, the fair values of these loans and properties are considered Level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $5.6 million with a specific reserve of $0.3 million at June 30, 2025, compared to $3.0 million with a specific reserve of $1.2 million at December 31, 2024.
For recurring fair value measurements, transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the six months ended June 30, 2025, there were no such transfers.
For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 16 - Fair Value” of the Annual Report on Form 10-K for the year ended December 31, 2024.
The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of June 30, 2025 and December 31, 2024 is as follows:
(In thousands)Carrying AmountQuoted Prices in Active Markets for Identical Assets
(Level 1)		Significant Other Observable Inputs
(Level 2)		Significant Unobservable Inputs
(Level 3)
June 30, 2025    
Financial Assets  
HTM debt securities1
$613,312 $— $503,187 $— 
Time deposits with other banks1,494 — 1,449 — 
Loans, net10,461,299 — — 10,321,825 
Financial Liabilities
Deposits12,497,598 — — 12,496,873 
FHLB borrowings715,000 — 712,965 — 
Long-term debt107,298 — 98,905 — 
December 31, 2024
HTM debt securities1
$635,186 $— $507,594 $— 
Time deposits with other banks3,215 — 3,194 — 
Loans, net10,160,056 — — 10,019,964 
Financial Liabilities
Deposits12,242,427 — — 12,242,205 
FHLB borrowings245,000 — 243,795 — 
Long-term debt106,966 — 95,563 — 
1See “Note 3 – Securities” for further detail of recurring fair value basis of individual investment categories.
The short maturity of Seacoast’s assets and liabilities results in a significant number of financial instruments whose fair value equals or closely approximates carrying value. Such financial instruments are reported in the following balance sheet captions: cash and due from banks, interest bearing deposits with other banks, and securities sold under agreements to repurchase.
The following methods and assumptions were used to estimate the fair value of each class of financial instrument for which it is practicable to estimate that value at June 30, 2025 and December 31, 2024:
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.