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Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair Value Fair Value
Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at March 31, 2026 and December 31, 2025 included:
(In thousands)Fair Value
Measurements		Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
At March 31, 2026    
Financial Assets
Debt securities AFS1
$5,069,260 $100 $5,069,160 $— 
Derivative financial instruments2
26,537 — 26,040 497 
Loans held for sale2
18,188 — 18,188 — 
Loans3
2,215 — — 2,215 
OREO3
4,250 — — 4,250 
Equity securities4
13,844 13,844 — — 
MSR5
27,374 — — 27,374 
Financial Liabilities
Derivative financial instruments2
$21,189 $— $21,147 $42 
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 
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 recognized in earnings.
5Recurring fair value basis determined using unobservable market data. Refer to “Note 8 - Goodwill and Acquired Intangible Assets” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details on assumptions utilized.
Derivative financial instruments: The fair value of these derivatives is based on a discounted cash flow approach. Due to the observable nature of the inputs used in deriving the fair value of these derivative contracts, the valuation of interest rate swaps and forward TBA mortgage-backed securities is classified as Level 2. The fair values of these instruments are based upon the estimated amount the Company would receive or pay to terminate the instruments, taking into account current interest rates and, when appropriate, the current credit worthiness of the counterparties. IRLCs and forward loan sale commitment fair values are estimated based on quoted prices for similar loans in active markets. However, the value is adjusted by a factor which considers the likelihood of a loan in a lock position will ultimately close. This closing ratio is derived from internal data and is adjusted using significant accounting judgment. As such, these derivatives are classified as Level 3 measurements and the Company values these derivatives primarily utilize a market approach that incorporates flow mandatory market pricing, adjusted for expected pull‑through based on historical experience. For IRLCs, the weighted-average pull-through rate was 94% and the weighted-average current reference price was 100.44%. For forward loan sale commitments, the weighted-average pull-through rate was 100% and the weighted-average current reference price was 98.75%.
Loans and OREO: 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. The fair values of these loans and properties are considered Level 3 in the fair value hierarchy. Collateral-dependent loans measured at fair value totaled $2.5 million with a specific reserve of $0.3 million at March 31, 2026. There were no collateral-dependent loans measured at fair value at December 31, 2025.
MSRs: The fair value of these derivatives is based on an income approach. Various unobservable inputs to assumptions including expected cash flows, market discount rates, prepayment rates, servicing costs, and other factors are utilized, therefore the valuation of MSRs is classified as Level 3.
The following table presents changes in the Company's MSRs measured at fair value for the three months ended March 31, 2026. There was no MSR balance during the three months ended March 31, 2025:
Three Months Ended March 31,
(In thousands)2026
Carrying value at beginning of period$28,061 
Acquired— 
Originated servicing rights capitalized upon sale of loan331 
Change in fair value:
Due to payoffs/paydowns(648)
Due to change in valuation inputs or assumptions(370)
Carrying value at end of period$27,374 
The following table presents data and key economic assumptions, as well as the valuation's sensitivity to interest rate fluctuations, related to the Company’s MSRs as of:
(In thousands)March 31, 2026December 31, 2025
Unpaid principal balance$2,469,014 $2,540,798 
Prepayment rate assumptions:
Weighted-average
12.35 %12.74 %
Estimated impact on fair value of a 10% increase$(1,302)$(1,373)
Estimated impact on fair value of a 20% increase(2,504)(2,639)
Option-adjusted spread:
Weighted-average
5.50 %5.50 %
Estimated impact on fair value of a 100 basis point increase$(1,112)$(1,163)
Estimated impact on fair value of a 200 basis point increase(2,136)(2,232)
Weighted-average coupon interest rate
4.76 %4.78 %
Weighted-average servicing fee
0.25 0.25 
Weighted-average remaining maturity (in months)
348348

The sensitivity calculations above are hypothetical changes and should not be considered to be predictive of future performance. Changes in fair value based on variations in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in fair value may not be linear. Also, the effect of a variation in a particular assumption on the fair value is calculated without changing any other assumption, while in reality changes in one factor may result in changes in another, which may either magnify or counteract the effect of the change.
For recurring fair value measurements, transfers between levels of the fair value hierarchy are recognized on the actual date of the event or circumstances that caused the transfer, which generally coincides with the Company’s monthly and/or quarterly valuation process. During the three months ended March 31, 2026 and 2025, there were no such transfers.
For additional information on the valuation techniques and significant inputs for Level 2 and Level 3 assets and liabilities that are measured at fair value on a recurring basis, see “Note 16 - Fair Value” of the Annual Report on Form 10-K for the year ended December 31, 2025.
The carrying amount and fair value of the Company’s other financial instruments that were not disclosed previously in the balance sheet and for which carrying amount is not fair value as of March 31, 2026 and December 31, 2025 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)
March 31, 2026    
Financial Assets  
HTM debt securities1
$576,155 $— $477,706 $— 
Time deposits with other banks2,490 — 2,471 — 
Loans, net12,462,965 — 169,100 12,096,173 
Financial Liabilities
Deposits16,637,949 — — 16,638,119 
FHLB borrowings775,000 — 774,215 — 
Subordinated debt95,338 — 89,122 — 
December 31, 2025
Financial Assets
HTM debt securities1
$586,178 $— $489,560 $— 
Time deposits with other banks14,424 — 13,455 — 
Loans, net12,449,181 — — 12,263,824 
Financial Liabilities
Deposits16,256,343 — — 16,257,291 
FHLB borrowings835,000 — 833,483 — 
Subordinated debt95,161 — 90,248 — 
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 March 31, 2026 and December 31, 2025:
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 Level 3 loans is calculated by discounting scheduled cash flows through the estimated life including prepayment considerations, using estimated market discount rates that reflect the risks inherent in the loan. The fair value approach considers market-driven variables including credit related factors and reflects an
“exit price” as defined in ASC Topic 820. The fair value of Level 2 loans is valued using observable market-based inputs, including quoted prices obtained from third-party pricing services based on recent market transactions and dealer quotations for comparable instruments.
Investments at NAV: The Company has equity investments in SBICs accounted for under the fair value practical expedient of NAV totaling $25.6 million at March 31, 2026 and $26.4 million at December 31, 2025, which are not included in the fair value hierarchy. These investments are made primarily through various SBIC funds as a strategy to provide expansion and growth opportunities to small businesses and are subject to various risks, including market, liquidity, and credit risk. 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 $8.0 million at March 31, 2026 and $8.7 million at December 31, 2025.
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.