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Business Combinations
 9 Months Ended
Sep. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combinations
Note 11 – Business Combinations
Acquisition of Villages Bancorporation, Inc.
On October 1, 2025, the Company completed its acquisition of VBI, adding 19 branches in North Central Florida including The Villages® community. The Company acquired 100% of the outstanding common stock of VBI. Pursuant to the merger agreement, each share of VBI common stock was converted into the right to receive, at the shareholders' election, (i) $1,000.00 in cash, (ii) 38.5000 shares of Seacoast common stock or (iii) a 25% - 75% combination of cash and common stock, with the final election subject to a proration mechanism such that 25% of VBI shares received the cash consideration and 75% of VBI shares received the stock consideration. In the event any shareholder or shareholder group would have received more than 9.75% of cumulative outstanding Seacoast common stock, non-voting convertible preferred stock was issued in lieu of the excess amount of common shares. The final consideration totaled $829.1 million.
(In thousands, except per share data)October 1, 2025
Number of VBI shares receiving stock550
Per share exchange ratio for VBI shares receiving stock38.5000
Number of shares of SBCF common stock issued9,923
Number of shares of SBCF preferred stock issued1
11
Multiplied by SBCF price per share at October 1, 2025$30.50 
Total Value of SBCF common and preferred stock issued$645,785 
Number of VBI shares receiving cash183
Per share exchange ratio for VBI shares receiving cash$1,000.00 
Cash consideration paid to VBI shareholders, including cash paid for fractional shares183,360 
Total purchase price$829,145 
1Preferred stock is 1/1000th share for every share of common stock.
The acquisition of VBI was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $287.5 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, CDI, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.
The table below presents the allocation of the purchase consideration.
(In thousands)Initially Measured October 1, 2025Measurement Period AdjustmentsAs Adjusted October 1, 2025
Assets:
Cash and cash equivalents$166,758 $— $166,758 
Investment securities2,540,434 (42)2,540,392 
Loans1,202,389 (9,051)1,193,338 
Bank premises and equipment45,942 — 45,942 
CDI110,548 — 110,548 
Goodwill280,087 7,419 287,506 
Other assets99,776 — 99,776 
Total Assets$4,445,934 $(1,674)$4,444,260 
Liabilities:
Deposits$3,450,869 $— $3,450,869 
Securities sold under agreements to repurchase105,064 — 105,064 
Other liabilities60,856 (1,674)59,182 
Total Liabilities$3,616,789 $(1,674)$3,615,115 

The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
October 1, 2025
(In thousands)Book BalanceFair Value
Loans:
Construction and land development$102,067 $90,149 
CRE - owner occupied
93,284 90,147 
CRE - non-owner occupied
361,699 335,761 
Residential real estate365,935 349,786 
Commercial and financial335,831 322,276 
Consumer5,332 5,219 
Total acquired loans$1,264,148 $1,193,338 

The table below presents the carrying amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination:
(In thousands)Initially Measured October 1, 2025Measurement Period AdjustmentsAs Adjusted October 1, 2025
Book balance of loans at acquisition$148,575 $43,195 $191,770 
ACL at acquisition(3,026)(8,400)(11,426)
Non-credit related discount(19,198)(300)(19,498)
Total PCD loans acquired$126,351 $34,495 $160,846 
The acquisition of VBI resulted in the addition of $34.1 million in ACL, including $11.4 million for PCD loans, and $22.7 million for non-PCD loans recorded through the provision for credit losses.
The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships. The CDI asset acquired from VBI is being amortized over 10 years using an accelerated method of amortization.

The Company assumed a financing obligation recognized within Long-term debt, net, refer to “Note 11 - Lease Commitments” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for additional details.
Pro-forma Information
The table below presents pro-forma data as if the acquisition of VBI occurred at the beginning of 2025. The pro-forma information is presented for illustrative purposes only and is not necessarily indicative of the results of operations that would have occurred if the transactions had been effected on the assumed dates.
Three Months Ended September 30,Nine Months Ended September 30,
(In thousands, except per share data)2026202520262025
Net interest income$183,355 $166,135 $540,220 $470,955 
Net income available to common shareholders57,730 48,297 144,884 122,202 
EPS - diluted0.55 0.46 1.39 1.17 
EPS - basic$0.56 $0.46 $1.40 $1.18 
Acquisition of Heartland Bancshares, Inc.
On July 11, 2025, the Company completed its acquisition of Heartland, adding four branches in Central Florida. 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 common stock, with the final consideration totaling $111.2 million.
(In thousands, except per share data)July 11, 2025
Number of Heartland shares receiving stock378
Per share exchange ratio for Heartland shares receiving stock4.9263
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 
Number of Heartland shares receiving cash378
Per share cash consideration for Heartland shares receiving cash$147.10 
Cash consideration paid to Heartland shareholders, including cash paid for fractional shares$55,623 
Cash paid to Heartland option holders1,054
Total purchase price$111,224 
The acquisition of Heartland was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $22.2 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, CDI, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.
The table below presents the allocation of the purchase consideration.
(In thousands)July 11, 2025
Assets:
Cash and cash equivalents$242,672 
Investment securities357,905 
Loans153,294 
Bank premises and equipment7,926 
CDI20,922 
Goodwill22,228 
Other assets18,590 
Total Assets$823,537 
Liabilities:
Deposits$705,195 
Other liabilities7,118 
Total Liabilities$712,313 
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
July 11, 2025
(In thousands)Book BalanceFair Value
Loans:
Construction and land development
$7,575 $7,496 
CRE - owner occupied
31,504 30,790 
CRE - non-owner occupied
40,239 38,992 
Residential real estate52,960 51,434 
Commercial and financial21,104 21,029 
Consumer3,614 3,553 
Total acquired loans$156,996 $153,294 
The book value and fair value amount of loans for which, at the date of acquisition, there was evidence of more than insignificant deterioration of credit quality since origination was $7.2 million and $6.4 million, respectively.
The acquisition of Heartland resulted in the addition of $2.0 million in ACL, including $0.1 million for PCD loans, and $1.9 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition.
The Company believes the deposits assumed in the acquisition have an intangible value. In determining the valuation amount, deposits were analyzed based on factors such as type of deposit, deposit retention, interest rates, and age of deposit relationships. The CDI asset acquired from Heartland is being amortized over 10 years using an accelerated method of amortization.
Acquisition of W.L. Hunter Insurance Agency, LLC
On July 1, 2026, the Company, through its wholly-owned Nature Coast Insurance subsidiary, completed its acquisition of the W.L. Hunter Insurance Agency, LLC for total consideration of $5.8 million. The acquisition was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill and a customer relationship intangible asset of $2.9 million each. The goodwill is not deductible for tax purposes. The customer relationship intangible asset is being amortized on a straight-line basis over 10 years.