SEACOAST BANKING CORP OF FLORIDA
For the period ended Sep 30, 2026. Filed Nov 4, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 4, 2026
SBCF$33.54-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-04.
0001628280-26-052723
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-04.
0001628280-26-070242
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 181 previous paragraphs and 177 current paragraphs.
95 unchanged; 73 reworded; 9 added; 12 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 16 previous and 16 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (9)
Current report
•13% annualized organic loan growth in the third quarter of 2026 and 10% annualized growth year to date.
Current report
•Average noninterest-bearing deposits grew 4% annualized from the second quarter of 2026 and noninterest-bearing demand deposits have grown 10% annualized year to date.
Current report
•Continued share repurchases, with over 1.2 million shares of common stock repurchased year to date.
Current report
•Successfully completed the integration of VBI, solidifying a long-term growth partnership.
Current report
For the nine months ended September 30, 2026, net interest income totaled $540.2 million, an increase of $161.4 million, or 43%, compared to the nine months ended September 30, 2025. Interest income on loans for the nine months ended September 30, 2026 increased by $101.6 million, or 22%, compared to the nine months ended September 30, 2025, reflecting higher average loan balances from organic growth and the acquisitions completed in 2025. Securities income increased $86.4 million, or 88%, compared to the nine months ended September 30, 2025, reflecting higher average securities balances and improved portfolio yields following the securities repositioning executed in the first quarter of 2026. Accretion on acquired loans totaled $29.5 million for the nine months ended September 30, 2026, compared to $28.3 million for the nine months ended September 30, 2025. For the nine months ended September 30, 2026, interest expense on deposits increased $18.4 million, or 11%, compared to the nine months ended September 30, 2025, primarily due to higher average balances resulting from bank acquisitions in 2025, partially offset by lower deposit costs.
Current report
The following tables detail the Company’s average balance sheets, interest income and expenses, and yields and rates 1, for the periods presented:
Current report
Noninterest income totaled $31.6 million for the third quarter of 2026, an increase of $3.8 million, or 14%, compared to the second quarter of 2026, and an increase of $7.8 million, or 33%, compared to the third quarter of 2025. Noninterest income totaled $46.8 million for the nine months ended September 30, 2026, a decrease of $23.8 million, or 34%, compared to the nine months ended September 30, 2025.
Current report
Mortgage banking income totaled $4.7 million, an increase of $2.0 million, or 73%, compared to the second quarter of 2026, with higher interest rates driving higher values on MSR, offsetting valuation declines from the first half of 2026. Comparisons to year-over-year periods are impacted by the October 2025 acquisition of VBI resulting in the addition of mortgage origination activity in The Villages communities.
Current report
During the third quarter of 2026, the Company recorded an $8.4 million measurement period adjustment related to an acquired loan that was determined to meet the definition of PCD as of the acquisition date. The measurement period adjustment increased the ACL on acquired PCD loans by $8.4 million based on facts and circumstances that existed at the acquisition date.
Removed paragraphs (12)
Previous report
•16% annualized organic loan growth.
Previous report
•Total deposits increased 4% on an annualized basis, including a 4% annualized increase in noninterest-bearing deposits.
Previous report
•Cost of deposits declined to 1.53%.
Previous report
•Revenue growth continued to outpace expense, resulting in improved operating leverage and an improved efficiency ratio.
Previous report
•Repurchased 751,680 shares of common stock during the quarter, and 1,072,443 shares of common stock year to date.
Previous report
Net interest income for the second quarter of 2026 totaled $180.4 million, an increase of $3.9 million, or 2%, compared to the first quarter of 2026, and an increase of $53.5 million, or 42%, compared to the second quarter of 2025. For the six months ended June 30, 2026, net interest income totaled $356.9 million, an increase of $111.5 million, or 45%, compared to the six months ended June 30, 2025. The increase compared to the first quarter of 2026 represents higher yields on the securities portfolio and loan growth, and the increases compared to the three and six month periods ended June 30, 2025 were primarily driven by higher loan and securities balances resulting from the acquisitions completed in 2025, as well as organic loan growth.
Previous report
The following tables detail average balances, net interest income and margin results (on an FTE basis, a non-GAAP measure) for the periods presented:
Previous report
Noninterest income totaled $27.8 million for the second quarter of 2026, an increase of $40.4 million compared to the first quarter of 2026, and an increase of $3.3 million, or 13%, compared to the second quarter of 2025. Noninterest income totaled $15.2 million for the six months ended June 30, 2026, a decrease of $31.5 million, or 68%, compared to the six months ended June 30, 2025. A strategic repositioning of the securities portfolio resulted in a $39.5 million loss in the first quarter of 2026.
Previous report
Mortgage banking income totaled $2.7 million, an increase of $0.6 million, or 27%, compared to the first quarter of 2026 and an increase of $2.1 million, or 301%, compared to the second quarter of 2025, with higher saleable production including from the addition of mortgage originations in The Villages communities.
Previous report
The second quarter of 2026 included higher fees on customer swap activity, partially offset by lower SBIC income compared to the first quarter of 2026. In the second quarter of 2025, the Company recognized $3.0 million in tax refunds related to a prior bank acquisition.
Previous report
Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 5.2 and 5.3, respectively, at June 30, 2026, compared to 5.1 and 5.2, respectively, at December 31, 2025.
Previous report
The portfolio includes $85.3 million, with a fair value of $80.5 million, in private label residential mortgage-backed securities and collateralized mortgage obligations with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans.
Reworded paragraphs (73)
Previous wording
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.
Current wording
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 Consolidated Financial Statements and the related notes included in this report.
Previous wording
For the consolidated statements of income, the emphasis of this discussion will be on the three months ended June 30, 2026, compared to the three months ended March 31, 2026, and June 30, 2025, as well as the six months ended June 30, 2026, compared to the six months ended June 30, 2025. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of June 30, 2026, compared to December 31, 2025.
Current wording
For the consolidated statements of income, the emphasis of this discussion will be on the three months ended September 30, 2026, compared to the three months ended June 30, 2026, and September 30, 2025, as well as the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of September 30, 2026, compared to December 31, 2025.
Previous wording
•The risks relating to bank acquisitions, including the merger with VBI, which include, without limitation: the diversion of management's time on issues related to the integration; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following acquisitions being lower than expected; the risk related to the accounting and regulatory capital treatment of the Series A Non-Voting Convertible Preferred Stock and the impact on the Company's financial statements; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets;
Current wording
•The risks relating to bank acquisitions, which include, without limitation: the diversion of management's time on issues related to the integration; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following acquisitions being lower than expected; the risk related to the accounting and regulatory capital treatment of the Series A Non-Voting Convertible Preferred Stock and the impact on the Company's financial statements; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets;
Previous wording
Seacoast’s balanced growth strategy includes both acquisitions and organic growth initiatives. In the second half of 2025, Seacoast acquired both Heartland and VBI. These transformative transactions together added 23 branch locations, $5.3 billion in assets, and $4.2 billion in deposits, bringing leading market share and significant liquidity, further strengthening the Company’s competitive position and enhancing our capacity for sustained profitable growth. Full integration and system conversion activities for Heartland were completed in August of 2025, and for VBI, in July of 2026. The Company expects to recognize substantially all remaining merger-related costs during the third quarter of 2026. Complementing acquisitions with organic growth, in recent years Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships. These efforts have supported core deposit generation, loan production, and expansion of client relationships across multiple product lines.
Current wording
Seacoast’s balanced growth strategy includes both acquisitions and organic growth initiatives. In the second half of 2025, Seacoast acquired both Heartland and VBI. These transformative transactions together added 23 branch locations, $5.3 billion in assets, and $4.2 billion in deposits, bringing leading market share and significant liquidity, further strengthening the Company’s competitive position and enhancing our capacity for sustained profitable growth. Full integration and system conversion activities for Heartland were completed in the third quarter of 2025, and for VBI in the third quarter of 2026. Complementing acquisitions with organic growth, in recent years Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships. These efforts have supported core deposit generation, loan production, and expansion of client relationships across multiple product lines.
Previous wording
Seacoast provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers at 105 full-service branches across Florida and Georgia, and through advanced mobile and online banking solutions. The Company’s financial results in the second quarter of 2026 included strong growth in loans supporting improved net interest income and net interest margin. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Results during the first quarter of 2026 included a $39.5 million loss from a strategic repositioning of a portion of the AFS securities portfolio. Highlights for the second quarter of 2026 included:
Current wording
Seacoast provides integrated financial services including commercial and consumer banking, wealth management, mortgage and insurance services to customers at 105 full-service branches across Florida and Georgia, and through advanced mobile and online banking solutions. The Company’s financial results in the third quarter of 2026 included strong growth in loans supporting improved net interest income. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the third quarter of 2026 included:
Previous wording
•Net income of $59.5 million, or $0.55 per share, increased 87% from the first quarter of 2026 and 39% from the second quarter of 2025. Adjusted net income 1 was $65.8 million, or $0.61 per share.
Current wording
•Net income of $59.9 million, or $0.55 per diluted share, increased 1% from the second quarter of 2026 and 64% from the third quarter of 2025. Adjusted net income 1 of $71.8 million, or $0.66 per diluted share, increased 9% from the second quarter of 2026 and 59% from the third quarter of 2025.
Previous wording
•Adjusted pre-tax pre-provision earnings 1 increased 4% compared to the first quarter of 2026 and 52% compared to the second quarter of 2025.
Current wording
•Adjusted pre-tax pre-provision earnings 1 increased 5% compared to the second quarter of 2026 and 49% compared to the third quarter of 2025.
Previous wording
•Net interest income grew 2% compared to the first quarter of 2026 and 42% compared to the second quarter of 2025.
Current wording
•Net interest income grew 2% compared to the second quarter of 2026 and 37% compared to the third quarter of 2025.
Previous wording
•Net interest margin was stable at 3.83% and, excluding accretion on acquired loans, expanded eight basis points from the first quarter of 2026 to 3.65%.
Current wording
•The net interest margin was stable at 3.83% compared to the second quarter of 2026, and excluding accretion on acquired loans, expanded one basis point to 3.66% from the second quarter of 2026.
Previous wording
Interest income on loans in the second quarter of 2026 increased by $2.4 million, or 1%, compared to the first quarter of 2026, reflecting higher average loan balances and higher core loan yields. Securities income increased $2.5 million, or 4%, compared to the first quarter of 2026, benefiting from higher balances and the full quarter impact of the securities repositioning executed in the first quarter of 2026. Accretion on acquired loans was $8.9 million in the second quarter of 2026, $12.1 million in the first quarter of 2026, and $10.6 million in the second quarter of 2025. Accretion on acquired loans totaled $21.0 million for the six months ended June 30, 2026, compared to $18.8 million for the six months ended June 30, 2025. Interest expense on deposits increased $0.7 million, or 1%, compared to the first quarter of 2026, and increased $7.1 million, or 13%, compared to the second quarter of 2025.
Current wording
Net interest income for the third quarter of 2026 totaled $183.4 million, an increase of $3.0 million, or 2%, compared to the second quarter of 2026, and an increase of $49.9 million, or 37%, compared to the third quarter of 2025. The year-over-year increase was primarily driven by higher loan and securities balances resulting from the acquisitions completed in 2025. Interest income on loans in the third quarter of 2026 increased by $9.2 million, or 5%, compared to the second quarter of 2026, reflecting higher average loan balances and higher core loan yields. Securities income decreased $0.8 million, or 1%, compared to the second quarter of 2026, as improved securities portfolio yields were more than offset by lower average securities balances. Accretion on acquired loans was $8.5 million in the third quarter of 2026, $8.9 million in the second quarter of 2026, and $9.5 million in the third quarter of 2025. Interest expense on deposits increased $4.3 million, or 7%, compared to the second quarter of 2026, and increased $7.7 million, or 13%, compared to the third quarter of 2025, primarily due to higher average balances and higher rates.
Previous wording
Net interest margin (on an FTE basis)1 was stable at 3.83% in the second quarter of 2026 compared to the first quarter of 2026, and expanded 25 basis points from 3.58% in the second quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded eight basis points to 3.65% in the second quarter of 2026 compared to 3.57% in the first quarter of 2026, and increased 36 basis points compared to 3.29% in the second quarter of 2025. The expansion in core net interest margin was driven by higher securities and loan yields and lower funding costs. The yield on loans decreased to 5.88% for the second quarter of 2026, a decrease of eight basis points from the first quarter of 2026 and decreased 10 basis points from the second quarter of 2025. Yield on loans, excluding accretion on acquired loans, was 5.61%, an increase of four basis points from the first quarter of 2026, and an increase of three basis points from the second quarter of 2025. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 18 basis points for the second quarter of 2026, 26 basis points in the first quarter of 2026, and 29 basis points in the second quarter of 2025. The cost of deposits was 1.53% in the second quarter of 2026, compared to 1.54% in the first quarter of 2026, and 1.80% in the second quarter of 2025. The cost of funds was 1.69% in the second quarter of 2026, compared to 1.71% in the first quarter of 2026, and 1.99% in the second quarter of 2025. Compared to the first quarter of 2026, securities yields increased 10 basis points in the second quarter of 2026 to 4.47% and increased 60 basis points from the second quarter of 2025.
Current wording
Net interest margin (on an FTE basis) was stable at 3.83% in the third quarter of 2026 compared to the second quarter of 2026, and expanded 26 basis points from 3.57% in the third quarter of 2025. Excluding the effects of accretion on acquired loans, net interest margin expanded one basis point to 3.66% in the third quarter of 2026 compared to 3.65% in the second quarter of 2026, and increased 34 basis points compared to 3.32% in the third quarter of 2025. The expansion in net interest margin, excluding accretion on acquired loans, was driven by higher securities portfolio yields and improved loan yields, which more than offset higher funding costs. The yield on loans increased to 5.89% for the third quarter of 2026, an increase of one basis point from the second quarter of 2026 and decreased seven basis points from the third quarter of 2025. Yield on loans, excluding accretion on acquired loans, was 5.64%, an increase of three basis points from both the second quarter of 2026 and the third quarter of 2025. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 17 basis points for the third quarter of 2026, 18 basis points in the second quarter of 2026, and 25 basis points in the third quarter of 2025. The cost of deposits was 1.60% in the third quarter of 2026, compared to 1.53% in the second quarter of 2026, and 1.81% in the third quarter of 2025. The cost of funds was 1.74% in the third quarter of 2026, compared to 1.69% in the second quarter of 2026, and 1.96% in the third quarter of 2025. Compared to the second quarter of 2026, securities yields increased five basis points in the third quarter of 2026 to 4.52% and increased 60 basis points from the third quarter of 2025.
Previous wording
For the six months ended June 30, 2026, net interest margin (on an FTE basis)1 increased 30 basis points to 3.83% compared to the six months ended June 30, 2025, largely driven by higher securities yields and lower deposit costs. The yield on securities was 4.42% for the six months ended June 30, 2026, compared to 3.87% for the six months ended June 30, 2025. The yield on total loans decreased from 5.94% for the six months ended June 30, 2025 to 5.92% for the six months ended June 30, 2026. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 22 basis points for the six months ended June 30, 2026, compared to 27 basis points for the six months ended June 30, 2025. The cost of deposits was 1.54% for the six months ended June 30, 2026, a decrease of 33 basis points compared to the six months ended June 30, 2025. The cost of funds was 1.70% for the six months ended June 30, 2026, a decrease of 32 basis points compared to the six months ended June 30, 2025.
Current wording
For the nine months ended September 30, 2026, net interest margin (on an FTE basis) increased 28 basis points to 3.83% compared to the nine months ended September 30, 2025, largely driven by higher securities yields and lower funding costs, including lower deposit costs. The yield on securities was 4.45% for the nine months ended September 30, 2026, compared to 3.89% for the nine months ended September 30, 2025. The yield on total loans decreased from 5.95% for the nine months ended September 30, 2025 to 5.91% for the nine months ended September 30, 2026. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 21 basis points for the nine months ended September 30, 2026, compared to 27 basis points for the nine months ended September 30, 2025. The cost of deposits was 1.56% for the nine months ended September 30, 2026, a decrease of 29 basis points compared to the nine months ended September 30, 2025. The cost of funds was 1.71% for the nine months ended September 30, 2026, a decrease of 29 basis points compared to the nine months ended September 30, 2025.
Previous wording
Average loans increased $190.9 million, or 2%, for the second quarter of 2026 compared to the first quarter of 2026, and increased $2.3 billion, or 22%, from the second quarter of 2025. For the six months ended June 30, 2026, average loans increased $2.3 billion, or 22%, from the six months ended June 30, 2025.
Current wording
Average loans increased $479.7 million, or 4%, for the third quarter of 2026 compared to the second quarter of 2026, and increased $2.5 billion, or 23%, from the third quarter of 2025. For the nine months ended September 30, 2026, average loans increased $2.4 billion, or 22%, from the nine months ended September 30, 2025.
Previous wording
Average loans as a percentage of average earning assets totaled 67% for the second quarter of 2026, 67% for the first quarter of 2026, and 74% for the second quarter of 2025. For the six months ended June 30, 2026, average loans as a percentage of average earning assets totaled 67%, compared to 75% for the six months ended June 30, 2025.
Current wording
Average loans as a percentage of average earning assets totaled 70% for the third quarter of 2026, 67% for the second quarter of 2026, and 73% for the third quarter of 2025. For the nine months ended September 30, 2026, average loans as a percentage of average earning assets totaled 68%, compared to 74% for the nine months ended September 30, 2025.
Previous wording
During the second quarter of 2026, average investment securities increased $31.5 million, or 1%, compared to the first quarter of 2026, and increased $2.4 billion, or 70%, compared to the second quarter of 2025. Securities yields increased 10 basis points to 4.47% during the second quarter of 2026 from 4.37% in the first quarter of 2026, and increased 60 basis points from 3.87% in the second quarter of 2025. For the six months ended June 30, 2026, average investment securities were $5.7 billion, an increase of $2.5 billion, or 77%, compared to the six months ended June 30, 2025.
Current wording
During the third quarter of 2026, average investment securities decreased $204.6 million, or 4%, compared to the second quarter of 2026, and increased $1.9 billion, or 51%, compared to the third quarter of 2025. The Company sold $234.0 million in securities during the third quarter of 2026 to fund strong loan growth. Securities yields increased five basis points to 4.52% during the third quarter of 2026 from 4.47% in the second quarter of 2026, and increased 60 basis points from 3.92% in the third quarter of 2025. For the nine months ended September 30, 2026, average investment securities were $5.6 billion, an increase of $2.3 billion, or 68%, compared to the nine months ended September 30, 2025.
Previous wording
The cost of average interest-bearing liabilities decreased two basis points in the second quarter of 2026 to 2.19% from 2.21% in the first quarter of 2026 and decreased 47 basis points from 2.66% in the second quarter of 2025. The cost of average total deposits (including noninterest-bearing demand deposits) was 1.53% in the second quarter of 2026, 1.54% in the first quarter of 2026, and 1.80% in the second quarter of 2025. For the six months ended June 30, 2026, the cost of average total deposits (including noninterest-bearing demand deposits) was 1.54% compared to 1.87% for the six months ended June 30, 2025.
Current wording
The cost of average interest-bearing liabilities increased eight basis points in the third quarter of 2026 to 2.27% from 2.19% in the second quarter of 2026 and decreased 36 basis points from 2.63% in the third quarter of 2025. The cost of average total deposits (including noninterest-bearing demand deposits) was 1.60% in the third quarter of 2026, 1.53% in the second quarter of 2026, and 1.81% in the third quarter of 2025. For the nine months ended September 30, 2026, the cost of average total deposits (including noninterest-bearing demand deposits) was 1.56% compared to 1.85% for the nine months ended September 30, 2025.
Previous wording
During the second quarter of 2026, average transaction deposits (noninterest and interest-bearing demand) increased $86.8 million, or 1%, compared to the first quarter of 2026, and increased $2.1 billion, or 34%, compared to the second quarter of 2025. For the six months ended June 30, 2026, average transaction deposits increased $2.0 billion, or 34%, compared to the six months ended June 30, 2025. 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, 2026.
Current wording
During the third quarter of 2026, average total deposits increased $185.9 million, or 1%, compared to the second quarter of 2026, and increased $3.7 billion, or 28%, compared to the third quarter of 2025. Average noninterest-bearing deposits grew 4% annualized from the second quarter of 2026. For the nine months ended September 30, 2026, average total deposits increased $3.9 billion, or 31%, compared to the nine months ended September 30, 2025. The Company’s deposit mix remained favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the nine months ended September 30, 2026.
Previous wording
Average balances of sweep repurchase agreements with customers decreased $4.0 million, or 1%, from the first quarter of 2026, and increased $158.6 million, or 85%, compared to the second quarter of 2025. The average rate on customer sweep repurchase accounts was 2.20% for the second quarter of 2026, compared to 2.16% for the first quarter of 2026, and 2.62% for the second quarter of 2025. For the six months ended June 30, 2026, the average balance was $346.6 million, compared to an average balance of $193.6 million for the six months ended June 30, 2025 with average rates of 2.18% and 2.68%, respectively.
Current wording
Average balances of sweep repurchase agreements with customers increased $8.5 million, or 2%, from the second quarter of 2026, and increased $128.7 million, or 57%, compared to the third quarter of 2025. The average rate on customer sweep repurchase accounts was 2.24% for the third quarter of 2026, compared to 2.20% for the second quarter of 2026, and 2.40% for the third quarter of 2025. For the nine months ended September 30, 2026, the average balance was $348.8 million, compared to an average balance of $203.9 million for the nine months ended September 30, 2025 with average rates of 2.20% and 2.58%, respectively.
Previous wording
The Company had an average balance of $915.0 million in FHLB borrowings outstanding for the second quarter of 2026, with an average interest rate of 3.77%, compared to $847.2 million for the first quarter of 2026, with an average interest rate of 4.03%, and $724.2 million for the second quarter of 2025, with an average interest rate of 4.32%. The Company had an average balance of $881.3 million in FHLB borrowings outstanding for the six months ended June 30, 2026, with an average interest rate of 3.90%, compared to $554.5 million for the six months ended June 30, 2025, with an average interest rate of 4.32%.
Current wording
The Company had an average balance of $862.1 million in FHLB and other borrowings outstanding for the third quarter of 2026, with an average interest rate of 3.83%, compared to $915.0 million for the second quarter of 2026, with an average interest rate of 3.77%, and $637.8 million for the third quarter of 2025, with an average interest rate of 4.17%. The Company had an average balance of $874.8 million in FHLB and other borrowings outstanding for the nine months ended September 30, 2026, with an average interest rate of 3.88%, compared to $582.6 million for the nine months ended September 30, 2025, with an average interest rate of 4.27%.
Previous wording
Long-term debt balances averaged $112.9 million in the second quarter of 2026, $112.8 million in the first quarter of 2026, and $107.2 million in the second quarter of 2025. The average rate on long-term debt for the second quarter of 2026 was 6.38%, a decrease of four basis points compared to the first quarter of 2026 and a decrease of three basis points compared to the second quarter of 2025. For the six months ended June 30, 2026, long-term debt averaged $112.8 million, compared to $107.1 million for the six months ended June 30, 2025. The average rate on long-term debt for the six months ended June 30, 2026 was 6.40%, a decrease of two basis points compared to the six months ended June 30, 2025.
Current wording
Long-term debt balances averaged $112.9 million in both the third and second quarters of 2026, and $107.4 million in the third quarter of 2025. The average rate on long-term debt for the third quarter of 2026 was 6.40%, an increase of two basis points compared to the second quarter of 2026 and an increase of seven basis points compared to the third quarter of 2025. For the nine months ended September 30, 2026, long-term debt averaged $112.9 million, compared to $107.2 million for the nine months ended September 30, 2025. The average rate on long-term debt for the nine months ended September 30, 2026 was 6.40%, an increase of one basis point compared to the nine months ended September 30, 2025.
Previous wording
Noninterest income (loss) is detailed as follows:
Current wording
Noninterest income is detailed as follows:
Previous wording
Service charges on deposits were $7.0 million in the second quarter of 2026, compared to $6.9 million in the first quarter of 2026, and $5.5 million in the second quarter of 2025. For the six months ended June 30, 2026, service charges on deposits totaled $14.0 million, an increase of $3.2 million, or 30%, compared to the six months ended June 30, 2025. Year-over-year growth is primarily attributable to bank acquisitions in 2025 and growth in customer relationships.
Current wording
Service charges on deposits totaled $7.1 million in the third quarter of 2026, a nominal increase compared to the second quarter of 2026, and an increase of $0.9 million, or 14%, compared to the third quarter of 2025. For the nine months ended September 30, 2026, service charges on deposits totaled $21.0 million, an increase of $4.1 million, or 24%, compared to the nine months ended September 30, 2025. Year-over-year growth is primarily attributable to bank acquisitions in 2025 and growth in customer relationships.
Previous wording
Wealth management income, including trust fees and brokerage commissions and fees, was $6.0 million in the second quarter of 2026, an increase of $0.2 million, or 3%, from the first quarter of 2026 and an increase of $1.8 million, or 42%, compared to the second quarter of 2025. For the six months ended June 30, 2026, wealth management income totaled $11.7 million, an increase of $3.3 million, or 39%, compared to the six months ended June 30, 2025. The wealth management division has continued to deliver significant growth, driven by robust organic business development, strong client retention, and continued asset inflows from existing relationships, with assets under management increasing $408.0 million, or 15%, from December 31, 2025, to $3.2 billion at June 30, 2026.
Current wording
Wealth management income, including trust fees and brokerage commissions and fees, was $6.1 million in the third quarter of 2026, an increase of $0.1 million, or 2%, from the second quarter of 2026 and an increase of $1.5 million, or 33%, compared to the third quarter of 2025. For the nine months ended September 30, 2026, wealth management income totaled $17.8 million, an increase of $4.8 million, or 37%, compared to the nine months ended September 30, 2025. The wealth management division has continued to deliver significant growth, driven by robust organic business development and continued asset inflows from existing relationships, with assets under management increasing $375.7 million, or 13%, from December 31, 2025, to $3.2 billion at September 30, 2026.
Previous wording
Interchange income totaled $2.1 million, an increase of 1% compared to the first quarter of 2026 and an increase of 10% compared to the second quarter of 2025. For the six months ended June 30, 2026, interchange income totaled $4.2 million, an increase of $0.5 million, or 12%, compared to the six months ended June 30, 2025.
Current wording
Interchange income totaled $2.3 million, an increase of $0.2 million, or 8%, compared to the second quarter of 2026 and an increase of $0.3 million, or 12%, compared to the third quarter of 2025. For the nine months ended September 30, 2026, interchange income totaled $6.4 million, an increase of $0.7 million, or 12%, compared to the nine months ended September 30, 2025.
Previous wording
Insurance agency income totaled $1.3 million, a decrease of $0.5 million, or 25%, compared to the first quarter of 2026, and an increase of 4% compared to the second quarter of 2025. The first quarter of 2026 included typical seasonal contingency payments, which are collected annually. For the six months ended June 30, 2026, insurance agency income totaled $3.1 million, an increase of $0.2 million, or 7%, compared to the six months ended June 30, 2025.
Current wording
Insurance agency income totaled $1.8 million, an increase of $0.5 million, or 38%, compared to the second quarter of 2026 and an increase of $0.4 million, or 25%, compared to the third quarter of 2025. For the nine months ended September 30, 2026, insurance agency income totaled $5.0 million, an increase of $0.6 million, or 13%, compared to the nine months ended September 30, 2025. The increases reflect continued growth in the business, including a small agency acquisition completed in the third quarter of 2026.
Previous wording
BOLI income remained flat at $2.6 million for the second quarter of 2026 compared to the first quarter of 2026, and decreased $0.8 million, or 23%, compared to the second quarter of 2025. For the six months ended June 30, 2026, BOLI income totaled $5.2 million, a decrease of $0.6 million, or 11%, compared to the six months ended June 30, 2025. The second quarter of 2025 included a $0.9 million death benefit payout.
Current wording
BOLI income remained flat at $2.6 million for the third quarter of 2026 compared to the second quarter of 2026, and decreased $1.2 million, or 32%, compared to the third quarter of 2025. The third quarter of 2025 included death benefit payouts of $1.3 million. For the nine months ended September 30, 2026, BOLI income totaled $7.9 million, a decrease of $1.9 million, or 19%, compared to the nine months ended September 30, 2025.
Previous wording
Other income was $6.0 million in the second quarter of 2026, an increase of $0.5 million, or 8%, compared to the first quarter of 2026, and a decrease of $1.5 million, or 19%, compared to the second quarter of 2025. For the six months ended June 30, 2026, other income totaled $11.6 million, a decrease of $2.1 million, or 15%, compared to the six months ended June 30, 2025.
Current wording
Other income was $7.5 million in the third quarter of 2026, an increase of $1.4 million, or 24%, compared to the second quarter of 2026 and an increase of $1.5 million, or 24%, compared to the third quarter of 2025. The third quarter of 2026 included higher swap and syndication fees, higher gains on SBA loan sales and higher unrealized gains on SBIC investments compared to the second quarter of 2026. For the nine months ended September 30, 2026, other income totaled $19.1 million, a decrease of $0.7 million, or 3%, compared to the nine months ended September 30, 2025.
Previous wording
Net securities activity resulted inlosses of$0.1 million during thesecond quarter of 2026, losses of $39.5 million in the first quarter of 2026, andgains of$39 thousand in the second quarter of 2025. Net securities activity resulted in losses of $39.6 million and gains of $0.2 million, respectively, for the six months ended June 30, 2026 and 2025. The first quarter of 2026 included the strategic repositioning of a portion of the AFS securities portfolio.
Current wording
Net securities activity resulted inlosses of$0.5 million during thethird quarter of 2026, compared to $0.1 million in the second quarter of 2026, and$0.8 million in the third quarter of 2025. For the nine months ended September 30, 2026 and 2025, net securities activity resulted in losses of $40.1 million and $0.6 million, respectively. The first quarter of 2026 included the strategic repositioning of a portion of the AFS securities portfolio.
Previous wording
Noninterest expense for the second quarter of 2026 totaled $123.1 million, an increase of $0.9 million, or 1%, compared to the first quarter of 2026, and an increase of $31.4 million, or 34%, from the second quarter of 2025. For the six months ended June 30, 2026, noninterest expense totaled $245.3 million, an increase of $63.0 million, or 35%, compared to the six months ended June 30, 2025. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Year-over-year increases reflect continued expansion of the footprint and growth in customers, including through bank acquisitions. Noninterest expenses are detailed as follows:
Current wording
Noninterest expense for the third quarter of 2026 totaled $133.3 million, an increase of $10.2 million, or 8%, compared to the second quarter of 2026, and an increase of $31.3 million, or 31%, from the third quarter of 2025. For the nine months ended September 30, 2026, noninterest expense totaled $378.6 million, an increase of $94.3 million, or 33%, compared to the nine months ended September 30, 2025. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Year-over-year increases reflect continued expansion of the footprint and growth in customers, including through bank acquisitions. Noninterest expenses are detailed as follows:
Previous wording
Salaries and employee benefits totaled $63.1 million, an increase of $0.5 million, or 1%, from the first quarter of 2026, and an increase of $10.6 million, or 20%, from the second quarter of 2025. For the six months ended June 30, 2026, salaries and employee benefits totaled $125.8 million, an increase of $22.1 million, or 21%, compared to the six months ended June 30, 2025.
Current wording
Salaries and employee benefits totaled $63.4 million, an increase of $0.3 million, or 1%, from the second quarter of 2026, and an increase of $9.7 million, or 18%, from the third quarter of 2025. For the nine months ended September 30, 2026, salaries and employee benefits totaled $189.2 million, an increase of $31.9 million, or 20%, compared to the nine months ended September 30, 2025.
Previous wording
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 $12.2 million, an increase of $0.2 million, or 2%, from the first quarter of 2026, and an increase of $3.7 million, or 44%, from the second quarter of 2025. For the six months ended June 30, 2026, outsourced data processing costs totaled $24.2 million, an increase of $7.2 million, or 42%, compared to the six months ended June 30, 2025.
Current wording
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 $12.5 million, an increase of $0.2 million, or 2%, from the second quarter of 2026, and an increase of $3.1 million, or 34%, from the third quarter of 2025. For the nine months ended September 30, 2026, outsourced data processing costs totaled $36.7 million, an increase of $10.3 million, or 39%, compared to the nine months ended September 30, 2025.
Previous wording
Total occupancy and furniture and equipment expenses were $12.4 million, an increase of $0.3 million, or 3%, from the first quarter of 2026, and an increase of $2.8 million, or 29%, from the second quarter of 2025. For the six months ended June 30, 2026, occupancy and furniture and equipment expenses totaled $24.5 million, an increase of $5.4 million, or 28%, compared to the six months ended June 30, 2025.
Current wording
Total occupancy and furniture and equipment expenses were $12.5 million, an increase of $0.1 million, or 1%, from the second quarter of 2026, and an increase of $2.7 million, or 27%, from the third quarter of 2025. For the nine months ended September 30, 2026, occupancy and furniture and equipment expenses totaled $37.0 million, an increase of $8.0 million, or 28%, compared to the nine months ended September 30, 2025.
Previous wording
Marketing expenses totaled $3.5 million, an increase of $0.1 million, or 2%, from the first quarter of 2026, and an increase of $0.6 million, or 19%, from the second quarter of 2025. For the six months ended June 30, 2026, marketing expenses totaled $7.0 million, an increase of $1.3 million, or 23%, compared to the six months ended June 30, 2025.
Current wording
Marketing expenses totaled $3.5 million, remaining flat from the second quarter of 2026, and increasing $1.0 million, or 40%, from the third quarter of 2025. For the nine months ended September 30, 2026, marketing expenses totaled $10.5 million, an increase of $2.3 million, or 28%, compared to the nine months ended September 30, 2025.
Previous wording
Legal and professional fees for the second quarter of 2026 were $2.5 million, a decrease of $0.7 million, or 22%, compared to the first quarter of 2026, and an increase of $0.4 million, or 20%, compared to the second quarter of 2025. For the six months ended June 30, 2026, legal and professional fees totaled $5.7 million, an increase of $0.8 million, or 17%, compared to the six months ended June 30, 2025. The changes are largely associated with the timing of various projects.
Current wording
Legal and professional fees for the third quarter of 2026 were $2.7 million, an increase of $0.2 million, or 10%, compared to the second quarter of 2026, and an increase of $1.1 million, or 63%, compared to the third quarter of 2025. For the nine months ended September 30, 2026, legal and professional fees totaled $8.4 million, an increase of $1.9 million, or 29%, compared to the nine months ended September 30, 2025.
Previous wording
Merger and integration costs were $8.4 million in the second quarter of 2026, $8.5 million in the first quarter of 2026, and $2.4 million in the second quarter of 2025. For the six months ended June 30, 2026, merger and integration costs totaled $16.9 million compared to $3.5 million for the six months ended June 30, 2025.
Current wording
Merger and integration costs were $15.5 million in the third quarter of 2026, $8.4 million in the second quarter of 2026, and $10.8 million in the third quarter of 2025. Having completed system integration activities in the third quarter of 2026 related to the VBI acquisition, the Company does not expect to incur significant additional merger and integration costs related to either the VBI or Heartland acquisitions. For the nine months ended September 30, 2026, merger and integration costs totaled $32.4 million compared to $14.3 million for the nine months ended September 30, 2025.
Previous wording
The provision for credit losses was $9.0 million in the second quarter of 2026, reflecting record loan growth and low, stable charge-offs. The provision for credit losses was $0.8 million in the first quarter of 2026, and $4.4 million in the second quarter of 2025. For the six months ended June 30, 2026, the provision for credit losses was $9.8 million, compared to $13.6 million for the six months ended June 30, 2025.
Current wording
The provision for credit losses was $6.3 million in the third quarter of 2026, $9.0 million in the second quarter of 2026, and $8.4 million in the third quarter of 2025. The acquisition of Heartland resulted in a day-one provision of $1.9 million in the third quarter of 2025. For the nine months ended September 30, 2026, the provision for credit losses was $16.1 million, compared to $22.0 million for the nine months ended September 30, 2025. See additional information in "ACL on Loans" in this report.
Previous wording
For the second quarter of 2026, the Company recorded tax expense of $16.5 million, an increase of $7.5 million, or 83%, compared to the first quarter of 2026 and an increase of $3.9 million, or 31%, compared to the second quarter of 2025. The effective tax rate for the second quarter of 2026 was 21.7%, compared to 22.1% in the first quarter of 2026 and 22.8% in the second quarter of 2025. For the six months ended June 30, 2026, tax expense totaled $25.6 million, an increase of $3.6 million, or 16%, compared to the six months ended June 30, 2025, with an effective tax rate of 21.8% for the six months ended June 30, 2026, compared to 22.9% for the six months ended June 30, 2025.
Current wording
For the third quarter of 2026, the Company recorded tax expense of $15.5 million, a decrease of $1.1 million, or 6%, compared to the second quarter of 2026 and an increase of $5.0 million, or 48%, compared to the third quarter of 2025. The effective tax rate for the third quarter of 2026 was 20.5%, compared to 21.7% in the second quarter of 2026 and 22.3% in the third quarter of 2025. For the nine months ended September 30, 2026, tax expense totaled $41.0 million, an increase of $8.6 million, or 26%, compared to the nine months ended September 30, 2025, with an effective tax rate of 21.3% for the nine months ended September 30, 2026, compared to 22.7% for the nine months ended September 30, 2025.
Previous wording
Total assets as of June 30, 2026 were $21.4 billion, an increase of $0.5 billion, or 2%, from December 31, 2025.
Current wording
Total assets as of September 30, 2026 were $21.2 billion, an increase of $0.4 billion, or 2%, from December 31, 2025.
Previous wording
At June 30, 2026, the Company had $5.2 billion in AFS securities and $564.1 million in HTM securities. The Company’s total debt securities portfolio decreased $12.1 million from December 31, 2025. During the first quarter of 2026, the Company repositioned a portion of its AFS securities portfolio. Securities with an average book yield of 1.9% were sold, resulting in a pre-tax loss of approximately $39.5 million. The proceeds of approximately $277.0 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%.
Current wording
At September 30, 2026, the Company had $4.6 billion in AFS securities and $553.0 million in HTM securities. The Company’s total debt securities portfolio decreased $563.4 million from December 31, 2025. During the first quarter of 2026, the Company repositioned a portion of its AFS securities portfolio. Securities with an average book yield of 1.9% were sold, resulting in a pre-tax loss of approximately $39.5 million. The proceeds of approximately $277.0 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%. During the third quarter of 2026, the Company sold $234.0 million of securities, recognizing nominal losses.
Previous wording
At June 30, 2026, AFS securities had gross unrealized losses of $136.1 million and gross unrealized gains of $24.4 million, compared to gross unrealized losses of $150.4 million and gross unrealized gains of $48.7 million at December 31, 2025.
Current wording
At September 30, 2026, AFS securities had gross unrealized losses of $349.8 million and gross unrealized gains of $1.1 million, compared to gross unrealized losses of $150.4 million and gross unrealized gains of $48.7 million at December 31, 2025. Seacoast’s AFS portfolio has an effective duration of approximately five years, and longer duration holdings saw a greater decline in value from higher market rates and wider spreads at September 30, 2026.
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Previous report — wording carried elsewhere
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 $4.7 billion, or 81%, of the total portfolio at June 30, 2026.