Fair Value

12 Months Ended

Dec. 31, 2025

Fair Value Disclosures [Abstract]

Fair Value

Note 16 - Fair Value

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

	Fair Value		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
(In thousands)	Measurements		Level 1		Level 2		Level 3
At December 31, 2025
Financial Assets
Debt securities AFS1	$	5,164,567	$	200	$	5,164,367	$	—
Derivative financial instruments2	28,620		—		28,125		495
Loans held for sale2	16,297		—		16,297		—
OREO3	4,250		—		—		4,250
Equity securities4	13,923		13,923		—		—
MSR5	28,061		—		—		28,061
Financial Liabilities
Derivative financial instruments2	$	25,483	$	—	$	25,389	$	94
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 for level 2 inputs. Level 3 inputs utilize a market approach that incorporates a pull-through rate assumption.
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 with fair value adjustments are recognized in earnings.
5Recurring fair value basis determined using unobservable market data. See Note 8 - Goodwill and Acquired Intangible Assets for additional information on assumptions utilized.

Debt securities available-for-sale: Level 1 securities consist of U.S. Treasury securities. Other 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.

Derivative financial instruments: The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps and forward TBA mortgage-backed securities is classified as Level 2. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current credit worthiness of the counterparties. IRLCs and forward loan sale commitment fair values are estimated based on quoted prices for similar loans in active markets. However, the value is adjusted by a factor which considers the likelihood of a loan in a lock position will ultimately close. This closing ratio is derived from internal data and is adjusted using significant accounting judgment. As such, these derivatives are classified as Level 3 measurements and the Company values these derivatives primarily utilize a market approach that incorporates flow mandatory market pricing, adjusted for expected pull‑through based on historical experience. For IRLCs, the weighted-average pull-through rate was 94% and the

weighted-average current reference price was 101.26%. For forward loan sale commitments, the weighted-average pull-through rate was 100% and the weighted-average current reference price was 101.12%.

Loans held for sale: Fair values are based upon estimated values to be received from independent third party purchasers. These loans are intended for sale, and the Company believes the fair value is the best indicator of the resolution of these loans. Fair market value changes occur due to changes in interest rates, the borrower’s credit, the secondary loan market and the market for a borrower’s debt. Interest income is recorded based on contractual terms of the loan in accordance with Company's policy on loans held for investment.

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. There were no collateral-dependent loans measured at fair value and therefore no related specific reserves of at December 31, 2025, compared to $3.0 million with a specific reserve of $1.2 million at December 31, 2024.

Mortgage servicing rights: The fair value of these derivatives is based on an income approach. Various unobservable assumptions including expected cash flows, market discount rates, prepayment rates, servicing rights, and other factors are utilized, therefore the valuation of MSRs are classified as Level 3. See "Note 8 - Goodwill and Acquired Intangible Assets" for further detail.

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 years ended December 31, 2025 and 2024, there were no such transfers.

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

	Carrying		Quoted Prices in Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Other Unobservable Inputs
(In thousands)	Amount		Level 1		Level 2		Level 3
At December 31, 2025
Financial Assets
HTM debt securities1	$	586,178	$	—	$	489,560	$	—
Time deposits with other banks	14,424		—		13,455		—
Loans, net	12,449,181		—		—		12,263,824
Financial Liabilities
Deposits	16,256,343		—		—		16,257,291
FHLB borrowings	835,000		—		833,483		—
Subordinated debt	95,161		—		90,248		—
At December 31, 2024
Financial Assets
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 December 31, 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 $26.4 million at December 31, 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 $8.7 million at December 31, 2025 and $7.1 million at December 31, 2024.

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