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美國
證券交易委員會
華盛頓特區20549
表格 10-Q
（標記一）
☒根據1934年證券交易法第13或15(d)條款的季度報告

截至季度結束日期的財務報告2024年9月30日
或者

☐根據1934年證券交易法第13條或第15(d)條的過渡報告
在從_______________到________________的過渡期間。
委員會文件號。 0-13660
 
Seacoast Banking Corporation of Florida
（依據其憲章指定的註冊名稱）
 
（561） 59-2260678
（註冊或組織的）提起訴訟的州或其他司法管轄區（如適用）
組建國的駐地		 （IRS僱主
唯一識別號碼）
815科羅拉多大道,斯圖爾特佛羅里達州。 34994
(主要領導機構的地址) (郵政編碼)
(772) 287-4000
(註冊人電話號碼，包括區號)
 
根據法案第12（b）條註冊的證券：
每一類的名稱交易標誌在其上註冊的交易所的名稱
普通股SBCF納斯達克全球精選市場

請用勾號表示：（1）是否申請人在過去12個月內已根據1934年證券交易法第13或15(d)條的規定提交了所有必須提交的報告（或者是申請人被要求提交這些報告的較短時期），並且（2）過去90天以來一直受到這些提交要求的約束。Yes ☒否☐

請用複選符號指示註冊申報人在過去12個月期間（或註冊申報人被要求提交此類文件的較短時期）是否已根據S-t條例第405條規定提交了每個互動數據文件。Yes ☒否☐

請勾選標記以說明註冊人是大型快速申報人、加速申報人、非加速申報人、較小的報告公司還是新興成長型公司。請查看《交易所法》第120億.2條中「大型快速申報人」、「加速申報人」、「較小的報告公司」和「新興成長型公司」的定義。
大型加速報告人
☒
加速文件提交人
☐
非加速報告人
☐
較小的報告公司
☐
新興成長公司
☐

如果是新興成長型企業，請勾選複選標記，表明註冊者已選擇不使用延長過渡期來符合根據證券交易法第13(a)條規定提供的任何新財務會計準則。 ☐

請用勾選符號表示註冊公司是否爲殼公司（如《交易法》120億.2條的定義）。是 ☐ 否 ☒

普通股，面值0.10美元 – 85,441,001 截至2024年9月30日，已發行股數


指數
佛羅里達州海岸銀行有限公司
  
   
   
綜合損益表 - 三和九月份結束時September 30, 2024 和 2023
 
   
 
綜合資產負債表 - September 30, 2024 和 2023年12月31日
 
綜合現金流量表 - 九個月結束 September 30, 2024 和 2023
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   

2
目錄

第I部分。財務信息
項目1.基本報表

佛羅里達SEACOAST銀行及其子公司
綜合收入報表（未經審計）

截至9月30日的三個月截至9月30日的九個月
（以千爲單位，除每股數據外）2024202320242023
貸款利息和費用$150,980 $149,871 $445,367 $433,304 
證券利息和分紅派息25,997 21,498 72,612 61,842 
利息產生的人形機器人-軸承存款和其他投資7,138 8,477 21,650 16,974 
利息收入總額184,115 179,846 539,629 512,120 
贖回Baskets的日元數量。如果Trust的日元被提取以支付Trust的開支，需要創建籃子或在籃子贖回時發生的，用於表示Baskets的日元數量的代幣的日元數量可能會隨着時間的推移而逐漸減少。51,963 38,396 150,816 81,612 
定期存單利息19,002 16,461 54,051 36,490 
借款利息6,485 5,683 18,595 16,597 
利息支出合計77,450 60,540 223,462 134,699 
淨利息收入106,665 119,306 316,167 377,421 
撥備6,273 2,694 12,559 33,528 
經過信貸損失準備後的淨利息收入100,392 116,612 303,608 343,893 
非利息收入：
存款帳戶服務費5,412 4,648 15,714 13,450 
互通收入1,911 1,684 5,739 11,444 
财富管理收入3,843 3,138 11,149 9,519 
按揭銀行費用485 410 1,448 1,412 
保險代理收入1,399 1,183 4,045 3,444 
SBA收益391 613 1,824 1,184 
BOLI收入2,578 2,197 7,438 6,181 
其他7,473 4,307 18,631 15,636 
23,492 18,180 65,988 62,270 
證券利得（損失）淨額187 (387)372 (456)
總非利息收入23,679 17,793 66,360 61,814 
非利息支出:
工資薪金40,697 46,431 119,938 139,202 
員工福利6,955 7,206 21,705 23,240 
外包數據處理成本8,003 8,714 28,331 43,489 
佔用率7,096 7,758 22,313 24,360 
傢俱和設備2,060 2,052 6,027 6,664 
市場營銷2,729 1,876 8,650 6,161 
法律和專業費用2,708 2,679 6,841 14,220 
FDIC稅費1,882 2,258 6,171 5,817 
無形資產攤銷6,002 7,457 18,297 21,838 
其他房地產業擁有費用和出售淨損失491 274 356 412 
未資助承諾的信貸損失準備250 — 751 1,239 
其他5,945 7,210 18,346 22,613 
總非利息支出84,818 93,915 257,726 309,255 
稅前利潤39,253 40,490 112,242 96,452 
3
目錄

所得稅費用8,602 9,076 25,341 21,962 
淨利潤$30,651 $31,414 $86,901 $74,490 
普通股每股淨利潤
攤薄後$0.36 $0.37 $1.02 $0.89 
基礎0.36 0.37 1.03 0.89 
平均普通股份流通量
攤薄後85,069 85,666 84,915 83,993 
基礎84,434 85,142 84,319 83,457 

請參閱未經審核的合併財務報表註釋。
 



4
目錄

佛羅里達SEACOAST銀行及其子公司
綜合損益表（未經審計）
（以千爲單位）截至9月30日的三個月截至9月30日的九個月
2024202320242023
淨利潤$30,651 $31,414 $86,901 $74,490 
其他全面收益（損失）：
可供出售證券的未實現收益（損失），扣除2024年9月30日結束的三個月和九個月的稅費，稅後金額爲$14.4萬美元和10.6 ，分別爲$百萬，稅後效益爲$8.11百萬美元和9.3 截至2023年9月30日的前三個月和前九個月分別爲百萬美元。
44,972 (26,065)33,477 (29,764)
轉至持有至到期的證券未實現虧損的攤銷，減稅益爲美元。3截至2024年5月31日的經營中，公司的所得稅費用分別爲$1千和$1千，而2018年5月31日的所得稅費用分別爲$1千和$1千。11 截至2024年9月30日的前三個月和前九個月分別爲千美元，且減稅益爲美元。3截至2024年5月31日的經營中，公司的所得稅費用分別爲$1千和$1千，而2018年5月31日的所得稅費用分別爲$1千和$1千。10 截至2023年9月30日的前三個月和前九個月分別爲千美元。
(11)(11)(31)(32)
淨利潤中包括的損失（收益）重新分類調整，減稅益爲美元。68截至2024年5月31日的經營中，公司的所得稅費用分別爲$1千和$1千，而2018年5月31日的所得稅費用分別爲$1千和$1千。1.0 2024年9月30日結束的三個月和九個月分別爲560萬美元，稅後淨利潤爲$1 2023年9月30日結束的九個月爲9千美元
201 — 3,006 (4)
未實現的期權損益作爲公允價值套期保值，稅後受益淨額爲360萬美元，淨收入的重分類至損益之外的部分0.8萬美元和0.6 2024年9月30日結束的三個月和九個月爲980萬美元，稅後淨利潤爲$0.2萬美元和1.8 2023年9月30日結束的三個月和九個月分別爲820萬美元，稅後淨利潤爲$
(2,322)504 (1,744)5,236 
作爲現金流量套期交易指定的衍生工具未實現收益，扣除重分類至淨利潤的稅後費用$43截至2024年5月31日的經營中，公司的所得稅費用分別爲$1千和$1千，而2018年5月31日的所得稅費用分別爲$1千和$1千。114 截至2023年9月30日止三個和九個月的淨利潤分別爲千美元
— 125 — 326 
其他綜合收益（損失）總額$42,840 $(25,447)$34,708 $(24,238)
綜合收益$73,491 $5,967 $121,609 $50,252 
See notes to unaudited consolidated financial statements.

 


5
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
September 30,December 31,
(In thousands, except share data)20242023
Assets  
Cash and due from banks$182,743 $167,511 
Interest bearing deposits with other banks454,315 279,671 
Total cash and cash equivalents637,058 447,182 
Time deposits with other banks5,207 5,857 
Debt securities:
Securities available-for-sale (at fair value)2,160,055 1,836,020 
Securities held-to-maturity (fair value $538.5 million at September 30, 2024 and $558.4 million at December 31, 2023)
646,050 680,313 
Total debt securities2,806,105 2,516,333 
Loans held for sale11,039 4,391 
Loans10,205,281 10,062,940 
Allowance for credit losses(140,469)(148,931)
Loans, net of allowance for credit losses10,064,812 9,914,009 
Bank premises and equipment, net108,776 113,304 
Other real estate owned6,421 7,560 
Goodwill732,417 732,417 
Other intangible assets, net77,431 95,645 
Bank owned life insurance306,379 298,974 
Net deferred tax assets94,820 113,232 
Other assets317,906 331,345 
Total Assets$15,168,371 $14,580,249 
Liabilities
Deposits$12,243,585 $11,776,935 
Securities sold under agreements to repurchase210,176 374,573 
Federal Home Loan Bank (“FHLB”) borrowings
245,000 50,000 
Long-term debt, net106,800 106,302 
Other liabilities168,960 164,353 
Total Liabilities12,974,521 12,472,163 
Shareholders’ Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 86,142,157 and outstanding 85,441,001 at September 30, 2024, and authorized 120,000,000, issued 85,480,183 and outstanding 84,861,498 shares at December 31, 2023
8,614 8,486 
Additional paid-in capital1,821,050 1,808,883 
Retained earnings508,036 467,305 
Treasury stock(18,680)(16,710)
2,319,020 2,267,964 
Accumulated other comprehensive loss, net(125,170)(159,878)
Total Shareholders’ Equity
2,193,850 2,108,086 
Total Liabilities and Shareholders’ Equity
$15,168,371 $14,580,249 
See notes to unaudited consolidated financial statements.
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Nine Months Ended September 30,
(In thousands)20242023
Cash Flows from Operating Activities  
Net income$86,901 $74,490 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation6,381 6,090 
Accretion of discounts on securities, net(2,371)(798)
Amortization of operating lease right-of-use assets6,148 5,993 
Other amortization and accretion, net(14,678)(14,952)
Stock based compensation10,233 10,290 
Origination of loans designated for sale(82,146)(82,695)
Sale of loans designated for sale79,187 86,221 
Provision for credit losses12,559 33,528 
Deferred income taxes7,321 (3,348)
(Gains) losses on securities(372)456 
Gains on sale of loans(4,251)(2,993)
Losses (gains) on sale and write-downs of other real estate owned134 (37)
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned284 1,755 
Changes in operating assets and liabilities, net of effects from acquired companies:
Net decrease in other assets24,973 5,046 
Net increase in other liabilities4,606 1,684 
Net cash provided by operating activities$134,909 $120,730 
Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale269,277 153,866 
Maturities and repayments of debt securities held-to-maturity34,361 58,357 
Proceeds from sale of debt securities available-for-sale104,425 30,490 
Purchases of debt securities available-for-sale(651,360)(28,095)
Maturities and redemptions of time deposits with other banks4,132 1,492 
Purchases of time deposits with other banks(3,482)(2,613)
Net new loans and principal repayments(158,095)159,298 
Proceeds from the sale of loans held for investment10,905 — 
Proceeds from sale of other real estate owned2,841 577 
Proceeds from sale of FHLB and Federal Reserve Bank Stock11,310 73,473 
Purchase of FHLB and Federal Reserve Bank Stock(20,743)(90,896)
Proceeds from sale of Visa Class B shares4,104 — 
Net cash from bank acquisitions— 141,674 
Additions to bank premises and equipment(3,884)(9,665)
Net cash (used in) provided by investing activities$(396,209)$487,958 

 See notes to unaudited consolidated financial statements.

 
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Nine Months Ended September 30,
(In thousands)20242023
Cash Flows from Financing Activities  
Net increase in deposits$466,651 $6,898 
Net (decrease) increase in repurchase agreements(164,397)104,421 
Net decrease in FHLB borrowings with original maturities of three months or less— (220,000)
Repayments of FHLB borrowings with original maturities of more than three months(160,000)(75,000)
Proceeds from FHLB borrowings with original maturities of more than three months355,000 110,000 
Stock based employee benefit plans972 4,316 
Repurchase of common stock(880)(45)
Dividends paid(46,170)(45,236)
Net cash provided by (used in) financing activities$451,176 $(114,646)
Net increase in cash and cash equivalents189,876 494,042 
Cash and cash equivalents at beginning of period447,182 201,940 
Cash and cash equivalents at end of period$637,058 $695,982 
Supplemental disclosure of cash flow information:
Cash paid for interest$219,201 $124,927 
Cash paid (refunded) for taxes, net10,888 (7,920)
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations— 2,068 
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations— 2,080 
Supplemental disclosure of non-cash investing activities:
Transfers from loans to other real estate owned953 — 
Transfers from bank premises to other real estate owned883 5,455 

See notes to unaudited consolidated financial statements.
 
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Unaudited)

 Common StockPaid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at June 30, 2024
85,299 $8,530 $1,815,800 $492,805 $(18,744)$(168,010)$2,130,381 
Comprehensive income— — — 30,651 — 42,840 73,491 
Stock based compensation expense— — 4,128 — — — 4,128 
Common stock transactions related to stock based employee benefit plans142 84 1,122 — 64 — 1,270 
Dividends on common stock ($0.18 per share)
— — — (15,420)— — (15,420)
Three months ended September 30, 2024142 84 5,250 15,231 64 42,840 63,469 
Balance at September 30, 2024
85,441 $8,614 $1,821,050 $508,036 $(18,680)$(125,170)$2,193,850 

 Common StockPaid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at December 31, 2023
84,861 $8,486 $1,808,883 $467,305 $(16,710)$(159,878)$2,108,086 
Comprehensive income— — — 86,901 — 34,708 121,609 
Stock based compensation expense— — 10,233 — — — 10,233
Common stock transactions related to stock based employee benefit plans620 128 1,934 — (1,090)— 972 
Repurchase of common stock(40)— — — (880)— (880)
Dividends on common stock ($0.54 per share)
— — — (46,170)— — (46,170)
Nine months ended September 30, 2024580 128 12,167 40,731 (1,970)34,708 85,764 
Balance at September 30, 2024
85,441 $8,614 $1,821,050 $508,036 $(18,680)$(125,170)$2,193,850 

Common StockPaid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at June 30, 2023
85,086 $8,509 $1,809,431 $437,087 $(14,171)$(186,824)$2,054,032 
Comprehensive income (loss)— — — 31,414 — (25,447)5,967 
Stock based compensation expense30 — 3,194 — — — 3,194 
Common stock transactions related to stock based employee benefit plans34 6 443 — 136 — 585 
Dividends on common stock ($0.18 per share)
— — — (15,384)— — (15,384)
Three months ended September 30, 202364 63,637 16,030 136 (25,447)(5,638)
Balance at September 30, 2023
85,150 $8,515 $1,813,068 $453,117 $(14,035)$(212,271)$2,048,394 

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Common StockPaid-in
Capital		Retained
Earnings		Treasury
Stock		Accumulated
Other
Comprehensive
Income (Loss)
(In thousands)SharesAmountTotal
Balance at December 31, 2022
71,618$7,162 $1,377,802 $423,863 $(13,019)$(188,033)$1,607,775 
Comprehensive income (loss)— — — 74,490 — (24,238)50,252 
Stock based compensation expense30 — 10,290— — — 10,290 
Common stock transactions related to stock based employee benefit plans713745,258 — (1,016)— 4,316 
Repurchase of common stock(3)— (45)— — — (45)
Issuance of common stock, pursuant to acquisition12,792 1,279 409,459 — — — 410,738 
Conversion of options, pursuant to acquisition— — 10,304 — — — 10,304 
Dividends on common stock ($0.53 per share)
— — — (45,236)— — (45,236)
Nine months ended September 30, 202313,532 1,353 435,266 29,254 (1,016)(24,238)440,619 
Balance at September 30, 2023
85,150 $8,515 $1,813,068 $453,117 $(14,035)$(212,271)$2,048,394 
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SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Note 1 – Basis of Presentation
Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation.
Operating results for the three and nine months ended September 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023.
Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues, and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific areas, among others, requiring the application of management’s estimates include the determination of the allowance for credit losses, acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements.
Issued Accounting Standards
In November 2023, the FASB issued ASU 2023-07, “Improvements to Reportable Segment Disclosures.” ASU 2023-07 requires disclosure of significant segment expenses and other segment items on an interim and annual basis. The standard is effective for fiscal years beginning after December 15, 2023 and for interim periods beginning after December 15, 2024. The Company is evaluating the impact of the changes to its existing disclosures.
In December 2023, the FASB issued ASU 2023-09, “Improvements to Income Tax Disclosures.” ASU 2023-09 requires disclosure of specific categories in the income tax rate reconciliation and requires additional information for reconciling items that meet a quantitative threshold. The standard requires an annual disclosure of income taxes paid, net of refunds received, disaggregated by federal, state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold. The standard is effective for fiscal years beginning after December 15, 2024 and early adoption is permitted. The Company does not expect the adoption of the standard to have a material impact on its disclosures.
In November 2024, the FASB issued ASU 2024-03, “Expense Disaggregation Disclosures.” ASU 2024-03 requires disclosure to disaggregate prescribed expenses within relevant income statement captions. The standard is effective for fiscal years beginning after December 15, 2026 and for interim periods after December 15, 2027. Early adoption is permitted. The Company is evaluating the impact of the changes to its existing disclosures.
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Note 2 – Earnings per Share
Basic earnings per common share are computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share are based on the weighted-average number of common shares outstanding during each period, plus common share equivalents, calculated for share-based awards outstanding using the treasury stock method.

For the three and nine months ended September 30, 2024, options to purchase shares of the Company’s common stock totaling 327,006 and 328,045, respectively, were anti-dilutive. For the three and nine months ended September 30, 2023, 368,968 options to purchase shares of the Company’s common stock were anti-dilutive.
Three Months Ended September 30,Nine Months Ended September 30,
(Dollars in thousands, except per share data)2024202320242023
Basic earnings per share  
Net income$30,651 $31,414 $86,901 $74,490 
Average common shares outstanding84,434 85,142 84,319 83,457 
Net income per share$0.36 $0.37 $1.03 $0.89 
Diluted earnings per share
Net income$30,651 $31,414 $86,901 $74,490 
Average common shares outstanding84,434 85,142 84,319 83,457 
Add: Dilutive effect of employee restricted stock and stock options635 524 596 536 
Average diluted shares outstanding85,069 85,666 84,915 83,993 
Net income per share$0.36 $0.37 $1.02 $0.89 

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Note 3 – Securities
The amortized cost, gross unrealized gains and losses and fair value of securities available-for-sale (“AFS”) and held-to-maturity (“HTM”) at September 30, 2024 and December 31, 2023 are summarized as follows:
 September 30, 2024
(In thousands)Amortized
Cost		Gross
Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
Available-for-Sale Debt Securities   
U.S. Treasury securities and obligations of U.S. government agencies$30,542 $375 $(335)$30,582 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,558,076 8,560 (158,627)1,408,009 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities299,975 3,860 (11,586)292,249 
Private mortgage-backed securities and collateralized mortgage obligations136,038 288 (7,028)129,298 
Collateralized loan obligations286,042 648 (158)286,532 
Obligations of state and political subdivisions7,137 9 (1,216)5,930 
Other debt securities7,389 66 — 7,455 
Totals$2,325,199 $13,806 $(178,950)$2,160,055 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$557,119 $— $(99,722)$457,397 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities88,931 — (7,843)81,088 
Totals$646,050 $— $(107,565)$538,485 
 December 31, 2023
(In thousands)Amortized
Cost		Gross Unrealized
Gains		Gross Unrealized
Losses		Fair
Value
Available-for-Sale Debt Securities    
U.S. Treasury securities and obligations of U.S. government agencies$37,718 $205 $(478)$37,445 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,152,753 780 (184,152)969,381 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities385,013 2,824 (19,565)368,272 
Private mortgage-backed securities and collateralized mortgage obligations135,878 36 (10,911)125,003 
Collateralized loan obligations300,855 11 (1,411)299,455 
Obligations of state and political subdivisions10,486 — (1,096)9,390 
Other debt securities26,599 576 (101)27,074 
Totals$2,049,302 $4,432 $(217,714)$1,836,020 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$590,676 $— $(111,746)$478,930 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,637 — (10,208)79,429 
Totals$680,313 $— $(121,954)$558,359 
During the three months ended September 30, 2024, debt securities with a fair value of $17.6 million were sold, with gross losses of $0.3 million. There were no sales of debt securities during the three months ended September 30, 2023. During the
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nine months ended September 30, 2024, debt securities with a fair value of $104.4 million were sold, with gross losses of $4.0 million. During the nine months ended September 30, 2023, debt securities with a fair value of $22.1 million obtained in the acquisition of Professional Holding Corp. (“Professional”) were sold. No gain or loss was recognized on the sale. There were $8.4 million in other sales of securities during the nine months ended September 30, 2023, with gross gains of $24 thousand and gross losses of $19 thousand. Included in “Securities gains (losses), net” are increases of $0.5 million and $0.3 million, respectively, for the three and nine months ended September 30, 2024, and decreases of $0.4 million and $0.5 million, respectively, for the three and nine months ended September 30, 2023 in the value of investments in mutual funds that invest in Community Reinvestment Act (“CRA”)-qualified debt securities.
At September 30, 2024, debt securities with a fair value of $1.5 billion were pledged primarily as collateral for public deposits and secured borrowings.
The amortized cost and fair value of securities HTM and AFS as of September 30, 2024, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because prepayments of the underlying collateral for these securities may occur, due to the right to call or repay obligations with or without call or prepayment penalties. Securities not due at a single maturity date are shown separately.
 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost		Fair
Value		Amortized
Cost		Fair
Value
Due in less than one year$— $— $999 $999 
Due after one year through five years— — 6,163 6,187 
Due after five years through ten years— — 8,373 8,413 
Due after ten years— — 22,144 20,913 
 — — 37,679 36,512 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities557,119 457,397 1,558,076 1,408,009 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities88,931 81,088 299,975 292,249 
Private mortgage-backed securities and collateralized mortgage obligations— — 136,038 129,298 
Collateralized loan obligations— — 286,042 286,532 
Other debt securities— — 7,389 7,455 
Totals$646,050 $538,485 $2,325,199 $2,160,055 
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, or using observable market data. The tables below indicate the fair value of AFS debt securities with unrealized losses for which no allowance for credit losses has been recorded.
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 September 30, 2024
 Less Than 12 Months12 Months or Longer
Total1
(In thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies$372 $(1)$20,513 $(334)$20,885 $(335)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities103,020 (449)828,586 (158,178)931,606 (158,627)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities— — 198,386 (11,586)198,386 (11,586)
Private mortgage-backed securities and collateralized mortgage obligations— — 106,748 (7,028)106,748 (7,028)
Collateralized loan obligations53,893 (139)7,723 (19)61,616 (158)
Obligations of state and political subdivisions— — 5,588 (1,216)5,588 (1,216)
Totals$157,285 $(589)$1,167,544 $(178,361)$1,324,829 $(178,950)
1Comprised of 350 individual securities.
 December 31, 2023
 Less Than 12 Months12 Months or Longer
Total1
(In thousands)Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses		Fair
Value		Unrealized
Losses
U.S. Treasury securities and obligations of U.S. government agencies$24,933 $(143)$3,594 $(335)$28,527 $(478)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities91,867 (9,320)826,324 (174,832)918,191 (184,152)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities24,251 (1,270)262,666 (18,295)286,917 (19,565)
Private mortgage-backed securities and collateralized mortgage obligations3,945 (69)119,475 (10,842)123,420 (10,911)
Collateralized loan obligations60,087 (223)232,545 (1,188)292,632 (1,411)
Obligations of state and political subdivisions326 (2)9,064 (1,094)9,390 (1,096)
Other debt securities10,579 (101)— — 10,579 (101)
Totals$215,988 $(11,128)$1,453,668 $(206,586)$1,669,656 $(217,714)
1Comprised of 504 individual securities.
At September 30, 2024, the Company had unrealized losses of $0.3 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $20.9 million. These securities are either explicitly or implicitly guaranteed by the full faith and credit of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsored U.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.
At September 30, 2024, the Company had unrealized losses of $170.2 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.1 billion. These securities are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments and the high credit rating of the portfolio provide a sufficient basis for the current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Company believes that the unrealized loss positions on these debt securities are a function of changes in
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investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.
At September 30, 2024, the Company had $7.0 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $106.7 million. The securities have weighted average credit support of 22%. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.
At September 30, 2024, the Company had $0.2 million of unrealized losses in floating rate collateralized loan obligations (“CLOs”) having a fair value of $61.6 million. CLOs are special purpose vehicles and those in which the Company has invested are nearly all first-lien, broadly syndicated corporate loans across a diversified band of industries while providing support to senior tranche investors. As of September 30, 2024, all positions held by the Company are in AAA and AA tranches, with weighted average credit support of 38% and 30%, respectively. The Company evaluates the securities for potential credit losses by modeling expected loan-level defaults, recoveries, and prepayments for each CLO security. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.
At September 30, 2024, the Company had $1.2 million of unrealized losses on municipal securities having a fair value of $5.6 million. These securities are highly rated issuances of state or local municipalities, all of which are continuing to make timely contractual payments. Based on the evaluation of available information relevant to collectibility, the Company believes that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. As a result, as of September 30, 2024, no allowance for credit losses has been recorded.
All HTM debt securities are issued by government-sponsored entities, which are either explicitly or implicitly guaranteed by the U.S. government and have a long history of no credit losses. The implied government guarantee of principal and interest payments, and the high credit rating of the HTM portfolio provide sufficient basis for the current expectation that there is no risk of loss if a default were to occur. As a result, as of September 30, 2024, no allowance for credit losses has been recorded. The Company has the intent and ability to hold these securities until maturity.
Included in Other Assets at September 30, 2024 and December 31, 2023 is $77.2 million and $67.7 million, respectively, of FHLB and Federal Reserve Bank (“FRB”) stock stated at par value. The Company has not identified events or changes in circumstances which may have a significant adverse effect on the fair value of these cost method investment securities. Accrued interest receivable on AFS and HTM debt securities of $8.4 million and $1.1 million, respectively, at September 30, 2024, and $7.9 million and $1.1 million, respectively, at December 31, 2023, is included in Other Assets. Also included in Other Assets are investments in CRA-qualified mutual funds carried at fair value of $13.9 million and $13.6 million at September 30, 2024 and December 31, 2023, respectively.
At December 31, 2023, the Company held 11,330 shares of Visa Class B stock. During the nine months ended September 30, 2024, the Company sold all of its Visa Class B stock, receiving net proceeds of $4.1 million. The ownership of Visa stock was related to prior ownership in Visa’s network while Visa operated as a cooperative, and was recorded on the Company’s financial records at a zero basis.
Note 4 – Loans
Loans held for investment are categorized into the following segments:
•Construction and land development: Loans are extended to both commercial and consumer customers which are collateralized by and for the purpose of funding land development and construction projects, including 1-4 family residential, multi-family, and non-farm residential property where the primary source of repayment is from proceeds of the sale, refinancing or permanent financing of the property.
•Commercial real estate - owner occupied: Loans are extended to commercial customers for the purpose of acquiring or refinancing real estate to be occupied by the borrower’s business. These loans are collateralized by the subject property and the repayment of these loans is largely dependent on the performance of the company occupying the property.
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•Commercial real estate - non-owner occupied: Loans are extended to commercial customers for the purpose of acquiring or refinancing commercial property where occupancy by the borrower is not their primary intent. These loans are viewed primarily as cash flow loans, collateralized by the subject property, and the repayment of these loans is largely dependent on rental income from third parties or from the sale of the property.
•Residential real estate: Loans are extended to consumer customers and collateralized primarily by 1-4 family residential properties and include fixed and variable rate mortgages, home equity mortgages, and home equity lines of credit. Loans are primarily written based on conventional loan agency guidelines, including loans that exceed agency value limitations. Sources of repayment are largely dependent on the occupant of the residential property.
•Commercial and financial: Loans are extended to commercial customers. The purpose of the loans can be working capital, physical asset expansion, asset acquisition, or other business purposes. Loans may be collateralized by assets owned by the borrower or the borrower’s business. Commercial loans are based primarily on the historical and projected cash flow of the borrower’s business and secondarily on the capacity of credit enhancements, guarantees, and underlying collateral provided by the borrower.
•Consumer: Loans are extended to consumer customers. The segment includes both installment loans and lines of credit which may be collateralized or non-collateralized.
The following tables present net loan balances by segment for portfolio loans, purchased credit deteriorated loans (“PCD”) and loans purchased which are not considered credit deteriorated (“Non-PCD”) as of:

 September 30, 2024
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$495,458 $99,756 $539 $595,753 
Commercial real estate - owner occupied1,150,809 493,986 32,019 1,676,814 
Commercial real estate - non-owner occupied2,228,137 1,214,092 130,847 3,573,076 
Residential real estate1,811,941 734,399 18,563 2,564,903 
Commercial and financial1,332,939 213,109 29,180 1,575,228 
Consumer158,902 60,293 312 219,507 
Totals$7,178,186 $2,815,635 $211,460 $10,205,281 
 December 31, 2023
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$519,426 $247,654 $542 $767,622 
Commercial real estate - owner occupied1,079,633 552,627 38,021 1,670,281 
Commercial real estate - non-owner occupied1,844,588 1,323,222 152,080 3,319,890 
Residential real estate1,714,748 710,129 20,815 2,445,692 
Commercial and financial1,237,090 318,683 52,115 1,607,888 
Consumer175,969 74,854 744 251,567 
Totals$6,571,454 $3,227,169 $264,317 $10,062,940 
The amortized cost basis of loans included net deferred costs of $44.9 million at September 30, 2024 and $43.1 million at December 31, 2023. At September 30, 2024, the remaining fair value adjustments on acquired loans were $141.8 million, or 4.5% of the outstanding acquired loan balances, compared to $174.0 million, or 4.8% of the acquired loan balances at December 31, 2023. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis. During the nine months ended September 30, 2024, $9.1 million in loans previously held for investment were sold, resulting in a net gain of $0.9 million.
Accrued interest receivable is included within Other Assets and was $38.8 million and $39.4 million at September 30, 2024 and December 31, 2023, respectively.
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The following tables present the status of net loan balances as of September 30, 2024 and December 31, 2023.
 September 30, 2024
(In thousands)CurrentAccruing
30-59 Days
Past Due		Accruing
60-89 Days
Past Due		Accruing
Greater
Than
90 Days		NonaccrualTotal
Portfolio Loans      
Construction and land development$495,240 $— $— $— $218 $495,458 
Commercial real estate - owner occupied1,147,263 496 835 — 2,215 1,150,809 
Commercial real estate - non-owner occupied2,224,884 — — — 3,253 2,228,137 
Residential real estate1,789,154 11,571 2,175 — 9,041 1,811,941 
Commercial and financial1,317,596 2,844 175 148 12,176 1,332,939 
Consumer157,309 615 470 508 158,902 
Total Portfolio Loans$7,131,446 $15,526 $3,655 $148 $27,411 $7,178,186 
Acquired Non-PCD Loans
Construction and land development$97,011 $2,219 $— $— $526 $99,756 
Commercial real estate - owner occupied489,257 1,380 613 — 2,736 493,986 
Commercial real estate - non-owner occupied1,203,625 2,059 642 — 7,766 1,214,092 
Residential real estate713,224 9,684 269 646 10,576 734,399 
Commercial and financial208,981 395 749 35 2,949 213,109 
Consumer54,072 2,515 1,706 1,084 916 60,293 
 Total Acquired Non-PCD Loans$2,766,170 $18,252 $3,979 $1,765 $25,469 $2,815,635 
PCD Loans
Construction and land development$45 $400 $— $— $94 $539 
Commercial real estate - owner occupied27,304 — — — 4,715 32,019 
Commercial real estate - non-owner occupied107,265 2,554 — 3,341 17,687 130,847 
Residential real estate16,880 63 168 — 1,452 18,563 
Commercial and financial24,367 803 — 31 3,979 29,180 
Consumer253 9 — — 50 312 
Total PCD Loans$176,114 $3,829 $168 $3,372 $27,977 $211,460 
Total Loans$10,073,730 $37,607 $7,802 $5,285 $80,857 $10,205,281 
 
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 December 31, 2023
(In thousands)CurrentAccruing
30-59 Days
Past Due		Accruing
60-89 Days
Past Due		Accruing
Greater
Than
90 Days		NonaccrualTotal
Portfolio Loans      
Construction and land development$519,383 $19 $— $— $24 $519,426 
Commercial real estate - owner occupied1,078,732 — — — 901 1,079,633 
Commercial real estate - non-owner occupied1,840,485 685 — — 3,418 1,844,588 
Residential real estate1,701,862 4,373 1,515 169 6,829 1,714,748 
Commercial and financial1,221,941 1,372 145 50 13,582 1,237,090 
Consumer174,798 763 290 — 118 175,969 
 Total Portfolio Loans$6,537,201 $7,212 $1,950 $219 $24,872 $6,571,454 
Acquired Non-PCD Loans
Construction and land development$245,674 $891 $289 $— $800 $247,654 
Commercial real estate - owner occupied545,374 1,691 133 — 5,429 552,627 
Commercial real estate - non-owner occupied1,310,100 11,577 — — 1,545 1,323,222 
Residential real estate704,417 2,586 888 153 2,085 710,129 
Commercial and financial315,229 50 36 35 3,333 318,683 
Consumer71,986 568 618 618 1,064 74,854 
 Total Acquired Non-PCD Loans$3,192,780 $17,363 $1,964 $806 $14,256 $3,227,169 
PCD Loans
Construction and land development$442 $100 $— $— $— $542 
Commercial real estate - owner occupied34,667 — — — 3,354 38,021 
Commercial real estate - non-owner occupied148,308 — — — 3,772 152,080 
Residential real estate18,923 497 169 154 1,072 20,815 
Commercial and financial34,337 — — — 17,778 52,115 
Consumer651 85 8 — — 744 
 Total PCD Loans$237,328 $682 $177 $154 $25,976 $264,317 
Total Loans$9,967,309 $25,257 $4,091 $1,179 $65,104 $10,062,940 
All interest accrued but not received for loans placed on nonaccrual is reversed against interest income. Interest subsequently received on such loans is accounted for under the cost-recovery method, whereby interest income is not recognized until the loan balance is paid down to zero. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current, and future payments are reasonably assured. The Company recognized interest income of $0.2 million and $0.4 million on nonaccrual loans during the three months ended September 30, 2024 and September 30, 2023, respectively. The Company recognized $1.1 million and $0.8 million in interest income on nonaccrual loans during the nine months ended September 30, 2024 and September 30, 2023, respectively.
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The following tables present net balances of loans on nonaccrual status and the related allowance for credit losses, if any, as of:
September 30, 2024
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual LoansAllowance for Credit Losses
Construction and land development$94 $744 $838 $177 
Commercial real estate - owner occupied2,664 7,002 9,666 1,188 
Commercial real estate - non-owner occupied25,452 3,254 28,706 1,715 
Residential real estate6,379 14,690 21,069 562 
Commercial and financial3,571 15,533 19,104 6,676 
Consumer— 1,474 1,474 221 
Totals $38,160 $42,697 $80,857 $10,539 
December 31, 2023
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual LoansAllowance for Credit Losses
Construction and land development$— $824 $824 $— 
Commercial real estate - owner occupied4,859 4,825 9,684 41 
Commercial real estate - non-owner occupied3,938 4,797 8,735 230 
Residential real estate1,792 8,194 9,986 58 
Commercial and financial4,868 29,825 34,693 2,319 
Consumer— 1,182 1,182 257 
Totals$15,457 $49,647 $65,104 $2,905 

Loans by Risk Rating
The Company utilizes an internal asset classification system as a means of identifying problem and potential problem loans. The following classifications are used to categorize loans under the internal classification system:
•Pass: Loans that are not problem loans or potential problem loans are considered to be pass-rated.
•Special Mention: Loans that do not currently expose the Company to sufficient risk to warrant classification in the Substandard or Doubtful categories, but possess weaknesses that deserve management’s close attention are deemed to be Special Mention.
•Substandard: Loans with the distinct possibility that the Company will sustain some loss if the deficiencies are not corrected.
•Doubtful: Loans that have all the weaknesses inherent in those classified Substandard with the added characteristic that the weakness present makes collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable.
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The following tables present the risk rating of loans and year-to-date1 gross charge offs by year of origination as of:
September 30, 2024
(In thousands)20242023202220212020PriorRevolvingTotal
Construction and Land Development
Risk Ratings:
Pass$65,374 $130,253 $191,784 $40,202 $9,268 $41,567 $116,021 $594,469 
Special Mention— — — — — 46 — 46 
Substandard— — 188 95 — 955 — 1,238 
Doubtful— — — — — — — — 
Total$65,374 $130,253 $191,972 $40,297 $9,268 $42,568 $116,021 $595,753 
Gross Charge Offs$— $— $— $— $— $1 $— $1 
Commercial real estate - owner occupied
Risk Ratings:
Pass$137,538 $142,285 $268,777 $267,741 $160,404 $644,931 $18,034 $1,639,710 
Special Mention— — 1,640 700 2,006 6,778 351 11,475 
Substandard— 1,068 2,446 1,218 5,916 14,981 — 25,629 
Doubtful— — — — — — — — 
Total$137,538 $143,353 $272,863 $269,659 $168,326 $666,690 $18,385 $1,676,814 
Gross Charge Offs$— $— $179 $— $— $125 $— $304 
Commercial real estate - non-owner occupied
Risk Ratings:
Pass$335,560 $237,198 $863,032 $655,870 $252,978 $1,069,483 $23,468 $3,437,589 
Special Mention29 — 20,248 6,323 16,765 33,324 — 76,689 
Substandard— — 10,522 9,685 11,312 25,337 — 56,856 
Doubtful— — — — — 1,942 — 1,942 
Total$335,589 $237,198 $893,802 $671,878 $281,055 $1,130,086 $23,468 $3,573,076 
Gross Charge Offs$— $— $— $— $89 $616 $— $705 
Residential real estate
Risk Ratings:
Pass$100,622 $174,995 $500,327 $640,263 $156,208 $454,794 $506,576 $2,533,785 
Special Mention176 581 — — 23 436 6,669 7,885 
Substandard— 850 4,972 353 115 7,063 9,880 23,233 
Doubtful— — — — — — — — 
Total$100,798 $176,426 $505,299 $640,616 $156,346 $462,293 $523,125 $2,564,903 
Gross Charge Offs$— $— $— $— $40 $62 $26 $128 
Commercial and financial
Risk Ratings:
Pass$237,737 $212,954 $282,492 $248,791 $93,641 $117,672 $329,015 $1,522,302 
Special Mention— 759 2,211 3,023 557 2,154 866 9,570 
Substandard— — 9,272 11,279 6,187 10,830 5,788 43,356 
Doubtful— — — — — — — — 
Total$237,737 $213,713 $293,975 $263,093 $100,385 $130,656 $335,669 $1,575,228 
Gross Charge Offs$— $— $2,747 $10,723 $— $2,621 $695 $16,786 
Consumer
Risk Ratings:
Pass$12,300 $15,159 $39,439 $30,070 $15,109 $37,971 $63,234 $213,282 
Special Mention52 29 1,067 402 18 312 157 2,037 
Substandard81 63 2,382 1,131 116 340 75 4,188 
Doubtful— — — — — — — — 
Total$12,433 $15,251 $42,888 $31,603 $15,243 $38,623 $63,466 $219,507 
Gross Charge Offs$484 $394 $2,257 $3,132 $187 $100 $159 $6,713 
Consolidated
Total$889,469 $916,194 $2,200,799 $1,917,146 $730,623 $2,470,916 $1,080,134 $10,205,281 
Gross Charge Offs$484 $394 $5,183 $13,855 $316 $3,525 $880 $24,637 
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1 Represents gross charge-offs for the nine months ended September 30, 2024.
December 31, 2023
(In thousands)20232022202120202019PriorRevolvingTotal
Construction and Land Development
Risk Ratings:
Pass$80,750 $295,043 $107,158 $20,199 $21,942 $28,902 $210,716 $764,710 
Special Mention— 1,407 — — — 393 289 2,089 
Substandard— — — — — 499 324 823 
Doubtful— — — — — — — — 
Total$80,750 $296,450 $107,158 $20,199 $21,942 $29,794 $211,329 $767,622 
Gross Charge Offs$— $— $— $— $— $— $— $— 
Commercial real estate - owner occupied
Risk Ratings:
Pass$145,642 $272,384 $281,870 $165,475 $171,897 $551,177 $36,952 $1,625,397 
Special Mention— 159 1,335 — 524 9,122 1 11,141 
Substandard— 6,024 1,057 6,991 7,116 12,491 64 33,743 
Doubtful— — — — — — — — 
Total$145,642 $278,567 $284,262 $172,466 $179,537 $572,790 $37,017 $1,670,281 
Gross Charge Offs$— $— $— $— $— $— $— $— 
Commercial real estate - non-owner occupied
Risk Ratings:
Pass$234,226 $784,525 $657,499 $288,747 $397,031 $841,062 $25,954 $3,229,044 
Special Mention— 29,381 2,092 2,964 — 12,120 — 46,557 
Substandard— 685 8,723 9,398 10,427 14,806 250 44,289 
Doubtful— — — — — — — — 
Total$234,226 $814,591 $668,314 $301,109 $407,458 $867,988 $26,204 $3,319,890 
Gross Charge Offs$— $— $11 $— $— $— $109 $120 
Residential real estate
Risk Ratings:
Pass$177,000 $450,366 $649,086 $160,889 $95,288 $413,719 $479,047 $2,425,395 
Special Mention208 — — — 58 482 4,004 4,752 
Substandard95 — 919 123 314 8,960 5,134 15,545 
Doubtful— — — — — — — — 
Total$177,303 $450,366 $650,005 $161,012 $95,660 $423,161 $488,185 $2,445,692 
Gross Charge Offs$— $— $— $44 $— $159 $153 $356 
Commercial and financial
Risk Ratings:
Pass$315,560 $336,071 $333,113 $127,069 $66,165 $89,002 $269,108 $1,536,088 
Special Mention136 2,167 1,064 1,005 503 1,103 2,191 8,169 
Substandard— 18,558 21,643 1,380 5,889 11,842 3,961 63,273 
Doubtful— — — — — 358 — 358 
Total$315,696 $356,796 $355,820 $129,454 $72,557 $102,305 $275,260 $1,607,888 
Gross Charge Offs$1,198 $117 $659 $3,007 $582 $12,584 $418 $18,565 
Consumer
Risk Ratings:
Pass$20,557 $66,699 $45,534 $19,747 $20,300 $19,080 $56,473 $248,390 
Special Mention5 334 279 77 5 194 65 959 
Substandard66 930 891 103 51 177 — 2,218 
Doubtful— — — — — — — — 
Total$20,628 $67,963 $46,704 $19,927 $20,356 $19,451 $56,538 $251,567 
Gross Charge Offs$74 $1,910 $2,218 $362 $263 $666 $261 $5,754 
Consolidated
Total$974,245 $2,264,733 $2,112,263 $804,167 $797,510 $2,015,489 $1,094,533 $10,062,940 
Gross Charge Offs$1,272 $2,027 $2,888 $3,413 $845 $13,409 $941 $24,795 
1 Represents gross charge-offs for the year ended December 31, 2023.
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Troubled Borrower Modifications
The following table presents the amortized cost of troubled borrower modification (“TBM”) loans that were modified during the nine months ended September 30, 2024. There were five loans with an amortized cost of $0.9 million modified as a TBM during the nine months ended September 30, 2023.
September 30, 2024
(In thousands)
Rate Reduction or Rate Reduction with Term Extension
Term Extension and/or Payment Delay
Total1
% of Total Class of Loans
Construction and land development$— $86 $86 0.01 %
Commercial real estate - owner occupied514 2,685 3,199 0.19 
Commercial real estate - non-owner occupied3,142 177 3,319 0.09 %
Residential real estate— 126 126 0.01 %
Commercial and financial3,524 813 4,337 0.28 %
Consumer84 1,034 1,118 0.51 %
Totals$7,264 $4,921 $12,185 0.12 %
1At September 30, 2024, there were no unfunded lending related commitments associated with TBMs.
The following table presents the payment status of TBM loans that were modified in the twelve months prior to September 30, 2024.
September 30, 2024
(In thousands)CurrentAccruing
30-59 Days Past Due		Accruing
60-89 Days Past Due		Accruing
Greater
Than 90 Days		NonaccrualTotal
Construction and Land Development$— $— — $— $— $86 $86 
Commercial real estate - owner occupied95 — — — 3,199 3,293 
Commercial real estate - non-owner occupied— — — — 3,319 3,319 
Residential real estate123 — — — 96 219 
Commercial and financial3,162 — — — 1,321 4,483 
Consumer341 429 288 191 233 1,483 
Totals$3,721 $429 $288 $191 $8,254 $12,883 
TBM loans modified in the prior 12 months with a payment default during the nine months ending September 30, 2024 were immaterial.

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Note 5 – Allowance for Credit Losses
Activity in the allowance for credit losses is summarized as follows:
Three Months Ended September 30, 2024
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$5,493 $1,562 $— $3 $7,058 
Commercial real estate - owner occupied11,582 338 (2)— 11,918 
Commercial real estate - non-owner occupied45,434 826 (602)18 45,676 
Residential real estate39,209 (159)(6)104 39,148 
Commercial and financial28,429 3,003 (6,180)726 25,978 
Consumer11,494 703 (1,794)288 10,691 
Totals$141,641 $6,273 $(8,584)$1,139 $140,469 
Three Months Ended September 30, 2023
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$6,960 $725 $— $— $7,685 
Commercial real estate - owner occupied6,418 (353)— — 6,065 
Commercial real estate - non-owner occupied54,103 (1,677)— 15 52,441 
Residential real estate36,710 2,009 (44)60 38,735 
Commercial and financial40,272 2,932 (11,814)135 31,525 
Consumer15,252 (942)(1,265)165 13,210 
Totals$159,715 $2,694 $(13,123)$375 $149,661 
Nine Months Ended September 30, 2024
(In thousands)Beginning
Balance		Provision
for Credit
Losses		Charge-
Offs		RecoveriesEnding
Balance
Construction and land development$8,637 $(1,593)$(1)$15 $7,058 
Commercial real estate - owner occupied5,529 6,688 (304)5 11,918 
Commercial real estate - non-owner occupied48,288 (2,049)(705)142 45,676 
Residential real estate39,016 (152)(128)412 39,148 
Commercial and financial34,343 6,208 (16,786)2,213 25,978 
Consumer13,118 3,457 (6,713)829 10,691 
Totals$148,931 $12,559 $(24,637)$3,616 $140,469 

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Nine Months Ended September 30, 2023
(In thousands)Beginning BalanceAllowance on PCD Loans Acquired During the PeriodProvision for Credit LossesCharge- OffsRecoveriesEnding Balance
Construction and land development$6,464 $5 $1,208 $— $8 $7,685 
Commercial real estate - owner occupied6,051 139 (127)— 2 6,065 
Commercial real estate - non-owner occupied43,258 647 8,461 (109)184 52,441 
Residential real estate29,605 400 8,659 (312)383 38,735 
Commercial and financial15,648 17,527 11,548 (15,183)1,985 31,525 
Consumer12,869 161 3,779 (3,864)265 13,210 
Totals$113,895 $18,879 $33,528 $(19,468)$2,827 $149,661 

Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. Forecast data is sourced from Moody’s Analytics (“Moody’s”), a firm widely recognized for its research, analysis, and economic forecasts. The forecasts of future economic conditions are over the expected remaining life of the loan using economic forecasts that revert to long-term historical averages over time.
As of September 30, 2024 and December 31, 2023, the Company utilized a multiple scenario model comprised of a blend of Moody’s economic scenarios and considered the uncertainty associated with the assumptions in the scenarios, including continued actions taken by the Federal Reserve with regard to monetary policy and interest rates and the potential impact of those actions. Outcomes could differ from the scenarios utilized, and the Company incorporated qualitative considerations reflecting the risk of uncertain economic conditions, and for additional dimensions of risk that may not be captured in the quantitative model.
The following section discusses changes in the level of the allowance for credit losses for the three months ended September 30, 2024.
The allowance decreased $1.2 million, or 0.8%, during the third quarter of 2024 to $140.5 million, or 1.38% of loans held for investment as of September 30, 2024.
In the Construction and Land Development segment, the increase in allowance is due to continued uncertainty in connection with commercial real estate markets. In this segment, the primary source of repayment is typically from proceeds of the sale or permanent financing of the underlying property; therefore, industry and collateral type and estimated collateral values are among the relevant factors in assessing expected losses.
In the Commercial Real Estate - Owner-Occupied segment, the allowance increased nominally due to an increase in loan balances and continued uncertainty in connection with commercial real estate valuations broadly and uncertainty associated with the economy. Risk characteristics include, but are not limited to, collateral type, note structure and loan seasoning.
In the Commercial Real Estate - Non-Owner-Occupied segment, the allowance increased slightly driven by higher loan balances and was partially offset by the charge-off of one nonaccrual loan. Repayment is often dependent upon rental income from the successful operation of the underlying property or from the sale of the property. Loan performance may be adversely affected by general economic conditions or conditions specific to the real estate market, including property types. Collateral type, note structure, and loan seasoning are among the risk characteristics analyzed for this segment.
The Residential Real Estate segment includes first mortgages secured by residential property, and home equity lines of credit. Allowance levels were essentially flat from last quarter. Risk characteristics considered for this segment include, but are not limited to, borrower FICO score, lien position, loan to value ratios, and loan seasoning.
In the Commercial and Financial segment, borrowers are primarily small to medium sized professional firms and other businesses, and loans are generally supported by projected cash flows of the business, collateralized by business assets, and/or guaranteed by the business owners. The decrease in the allowance is primarily driven by the charge-off of one nonaccrual relationship that was previously individually reserved. Industry, collateral type, estimated collateral values, and loan seasoning are among the relevant factors in assessing expected losses.

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Consumer loans include installment and revolving lines, loans for automobiles, boats, and other personal or family purposes. Risk characteristics considered for this segment include, but are not limited to, collateral type, loan to value ratios, loan seasoning and FICO score. The decrease in allowance for consumer loans was driven by lower loan balances and improved economic forecasts.

Note 6 – Derivatives
Interest Rate Contracts
The Company offers interest rate swaps when requested by customers to allow them to hedge the risk of rising interest rates on their variable rate loans. Upon entering into these swaps, the Company enters into offsetting positions with counterparties in order to minimize the interest rate risk. These back-to-back swaps are freestanding financial derivatives with the fair values reported in Other Assets and Other Liabilities. The Company is party to master netting arrangements with its financial institution counterparties; however, the Company does not offset assets and liabilities under the arrangements for financial statement presentation purposes. Gains and losses on these back-to-back swaps, which offset, are recorded through noninterest income.
Interest Rate Swaps Designated as Fair Value Hedges
The Company has entered into interest rate swap contracts to hedge the risk of changes in fair value of the AFS securities portfolio due to changes in the Secured Overnight Financing Rate (“SOFR”). The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair value of these derivative contracts is recognized in other comprehensive income. These derivative instruments are primarily for risk management purposes. For the three and nine months ended September 30, 2024, the Company recognized, through other comprehensive income, net losses of $2.8 million and $2.0 million, respectively, and reclassified net gains of $0.3 million in each period out of accumulated other comprehensive income into interest income. For each of the three and nine months ended September 30, 2023, the Company recognized nominal amounts through other comprehensive income, and reclassified $0.2 million and $0.5 million, respectively, out of accumulated other comprehensive income into interest income.
The Company has entered into interest rate swap contracts to hedge the risk of changes in the fair value of a pool of residential mortgages due to changes in SOFR. These fair value hedges utilize the portfolio layer method. The Company considers these derivatives to be highly effective at offsetting changes in interest rates and assesses the effectiveness on a quarterly basis. The effect of changes in interest rates on the fair value of these derivative contracts is recognized in interest income. These derivative instruments are primarily for risk management purposes. For the three and nine months ended September 30, 2024, the Company recognized gains through interest income of $0.9 million and $1.8 million, respectively.
(In thousands)Notional AmountFair ValueBalance Sheet Category
September 30, 2024
Interest rate contracts1
$817,762 $26,259 Other Assets and Other Liabilities
Securities fair value hedges400,000 692 Other Assets
Residential mortgage fair value hedges400,000 794 Other Liabilities
December 31, 2023
Interest rate contracts1
$605,735 $28,804 Other Assets and Other Liabilities
Securities fair value hedges400,000 2,677 Other Assets
Residential mortgage fair value hedges200,000 75 Other Liabilities
1Interest rate contracts include risk participation agreements with notional amounts of $18.4 million and $9.4 million at September 30, 2024, and December 31, 2023, respectively with nominal fair value in both periods.
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The following table presents amounts recorded on the Consolidated Balance Sheet related to cumulative basis adjustments for fair value hedges.
Carrying amount of the hedged itemsCumulative amount of fair value hedging adjustment included in the carrying amount of the hedged items
(In thousands)September 30, 2024December 31, 2023September 30, 2024December 31, 2023
Securities available-for-sale 1
$526,845 $584,108 $313 $2,643 
Loans, net 2
599,743 633,693 974 44 
1 At September 30, 2024, and December 31, 2023, the amortized cost basis and unallocated basis adjustments used in hedging relationships was $608.4 million and $680.6 million, respectively. Refer to “Note 3 - Securities” for a reconciliation of the amortized cost and fair value of AFS securities.
2 These amounts represent the amortized cost basis of closed portfolios used to designate hedging relationships in which the hedged item is the stated amount of assets in the closed portfolios anticipated to be outstanding for the designated hedge period. At September 30, 2024, the portfolio layer method was $400 million, of which $400 million was designated as hedged. At December 31, 2023, the portfolio layer method was $200 million, of which $200 million was designated as hedged.


Note 7 – Securities Sold Under Agreements to Repurchase
Securities sold under agreements to repurchase are accounted for as secured borrowings. For securities sold under agreements to repurchase, the Company is required to pledge collateral with value sufficient to fully collateralize borrowings. Company securities pledged were as follows by collateral type and maturity as of: 
(In thousands)September 30, 2024December 31, 2023
Fair value of pledged securities - overnight and continuous:
Mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities
$ 253,244
$396,378 

Note 8 – Regulatory Capital
The Company is well-capitalized and at September 30, 2024, the Company and the Company’s principal banking subsidiary, Seacoast Bank, exceeded the Common Equity Tier 1 “(CET1)” capital ratio regulatory threshold of 6.5% for well-capitalized institutions under the Basel III standardized transition approach, as well as risk-based and leverage ratio requirements for well-capitalized banks under the regulatory framework for prompt corrective action.

Note 9 – Contingent Liabilities
The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial condition, operating results or cash flows.
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Note 10 – Fair Value
Under ASC Topic 820, fair value measurements for items measured at fair value on a recurring and nonrecurring basis at September 30, 2024 and December 31, 2023 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 September 30, 2024    
Financial Assets
Debt securities available-for-sale1
$2,160,055 $197 $2,159,858 $— 
Derivative financial instruments2
26,951 — 26,951 — 
Loans held for sale2
11,039 — 11,039 — 
Loans3
3,974 — — 3,974 
Other real estate owned3
6,421 — — 6,421 
Equity securities4
13,918 13,918 — — 
Financial Liabilities
Derivative financial instruments2
$27,053 $— $27,053 $— 
At December 31, 2023
Financial Assets
Debt securities available-for-sale1
$1,836,020 $192 $1,835,828 $— 
Derivative financial instruments2
31,481 — 31,481 — 
Loans held for sale2
4,391 — 4,391 — 
Loans3
15,242 — — 15,242 
Other real estate owned3
7,560 — — 7,560 
Equity securities4
13,623 13,623 — — 
Financial Liabilities
Derivative financial instruments2
$28,879 $— $28,879 $— 
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 other real estate owned: Fair values of collateral-dependent real estate loans and other real estate owned 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 $6.1 million with a specific reserve of $2.1 million at September 30, 2024, compared to $17.8 million with a specific reserve of $2.6 million at December 31, 2023.
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 nine months ended September 30, 2024, 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, 2023.
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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 September 30, 2024 and December 31, 2023 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)
September 30, 2024    
Financial Assets  
Held-to-maturity debt securities1
$646,050 $— $538,485 $— 
Time deposits with other banks5,207 — 5,206 — 
Loans, net10,060,837 — — 9,933,594 
Financial Liabilities
Deposits12,243,585 — — 12,242,892 
FHLB borrowings245,000 — 240,697 — 
Long-term debt106,800 — 93,092 — 
December 31, 2023
Held-to-maturity debt securities1
$680,313 $— $558,359 $— 
Time deposits with other banks5,857 — 5,756 — 
Loans, net9,898,767 — — 9,805,693 
Financial Liabilities
Deposits11,776,935 — — 11,775,613 
FHLB borrowings50,000 — 49,745 — 
Long-term debt109,458 — 100,851 — 
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 September 30, 2024 and December 31, 2023:
Held-to-maturity 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.
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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.
Note 11 – Business Combinations
Acquisition of Professional Holding Corp.
On January 31, 2023, the Company completed its acquisition of Professional Holding Corp. (“Professional”). Simultaneously, upon completion of the merger of Professional and the Company, Professional Bank was merged with and into Seacoast Bank. Prior to the acquisition, Professional Bank operated nine branches across South Florida. The transaction further expanded the Company’s presence in the tri-county South Florida market, which includes Miami-Dade, Broward, and Palm Beach counties, Florida’s largest metropolitan statistical area and the 8th largest in the nation. The Company acquired 100% of the outstanding common stock of Professional. Under the terms of the merger agreement, Professional shareholders received 0.8909 shares of Seacoast common stock for each share of Professional common stock held immediately prior to the merger, and Professional option holders received options to purchase Seacoast common stock, with the number of shares underlying each such option and the applicable exercise price adjusted using the same 0.8909 exchange ratio.
(In thousands, except per share data)January 31, 2023
Number of Professional common shares outstanding14,358 
Per share exchange ratio0.8909
Number of shares of SBCF common stock issued12,792 
Multiplied by common stock price per share at January 31, 2023$32.11 
Value of SBCF common stock issued$410,738 
Cash paid for fractional shares5 
Fair value of Professional options converted10,304 
Total purchase price$421,047 
The acquisition of Professional was accounted for under the acquisition method of accounting in accordance with ASC Topic 805, Business Combinations. The Company recognized goodwill of $251.7 million for this acquisition that is nondeductible for tax purposes. Determining fair values of assets and liabilities, especially the loan portfolio, core deposit intangibles, and deferred taxes, is a complicated process involving significant judgment regarding methods and assumptions used to calculate estimated fair values.
As part of the acquisition of Professional, options to purchase shares of Seacoast common stock were granted to replace outstanding Professional options. These options were fully vested upon acquisition. The full value of the replacement options, $10.3 million, was associated with pre-combination service and was therefore included in the calculation of the total purchase consideration.
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Initially MeasuredMeasurementAs Adjusted
(In thousands)January 31, 2023Period AdjustmentsJanuary 31, 2023
Assets:
Cash and cash equivalents$141,680 $— $141,680 
Investment securities167,059 — 167,059 
Loans1,991,713 (5,544)1,986,169 
Bank premises and equipment2,478 — 2,478 
Core deposit intangibles48,885 — 48,885 
Goodwill248,091 3,583 251,674 
BOLI55,071 — 55,071 
Other Assets74,232 2,561 76,793 
Total Assets$2,729,209 $600 $2,729,809 
Liabilities:
Deposits$2,119,341 $— $2,119,341 
Subordinated debt21,141 — 21,141 
Other Liabilities167,680 600 168,280 
Total Liabilities$2,308,162 $600 $2,308,762 
The table below presents information with respect to the fair value and unpaid principal balance of acquired loans at the acquisition date.
January 31, 2023
(In thousands)Book BalanceFair Value
Loans:
Construction and land development$156,048 $151,012 
Commercial real estate - owner occupied293,473 274,068 
Commercial real estate - non-owner occupied752,393 692,746 
Residential real estate509,305 483,611 
Commercial and financial392,396 350,628 
Consumer33,656 32,153 
PPP Loans1,951 1,951 
Total acquired loans$2,139,222 $1,986,169 
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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)January 31, 2023
Book balance of loans at acquisition$155,031 
Allowance for credit losses at acquisition(18,879)
Non-credit related discount(12,361)
Total PCD loans acquired$123,791 
The acquisition of Professional resulted in the addition of $45.5 million in allowance for credit losses, including the $18.9 million identified in the table above for PCD loans, and $26.6 million for non-PCD loans recorded through the provision for credit losses at the date of acquisition. Included within the $18.9 million initial PCD allowance is $5.5 million recorded as a measurement period adjustment during the three months ended September 30, 2023, reflecting information obtained by the Company relating to events or circumstances existing at the acquisition date.
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 core deposit intangible asset acquired from Professional is being amortized over eight years using an accelerated method of amortization.
Acquisition Costs
Acquisition costs were $33.2 million for the nine months ended September 30, 2023.
Note 12 – Subsequent Event
In October 2024, the Company took advantage of favorable market conditions and repositioned a portion of its AFS securities portfolio. Securities with an average book yield of 2.8% were sold, resulting in a pre-tax loss of approximately $8.0 million impacting fourth quarter 2024 results. The proceeds of approximately $113.0 million were reinvested in agency mortgage-backed securities with an average book yield of 5.4%, for an estimated earnback of less than three years.
Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 
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.
The emphasis of this discussion will be on the three and nine months ended September 30, 2024 compared to the three and nine months ended September 30, 2023 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of September 30, 2024 compared to December 31, 2023.
This discussion and analysis contain statements that may be considered “forward-looking statements” as defined in, and subject to the protections of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. See the following section for additional information regarding forward-looking statements.
For purposes of the following discussion, the words “Seacoast” or the “Company” refer to the combined entities of Seacoast Banking Corporation of Florida and its direct and indirect wholly owned subsidiaries.
Special Cautionary Notice Regarding Forward-Looking Statements
Certain statements made or incorporated by reference herein which are not statements of historical fact, including those under “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere herein, are “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates, and intentions about future performance, and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of
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Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from those set forth in the forward-looking statements.

All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,” “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:
•The impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;
•Potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding;
•Governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including proposed overdraft and late fee caps, including those that impact the money supply and inflation;
•The risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;
•Interest rate risks (including the impact of interest rates on macroeconomic conditions, customer and client behavior, and on our net interest income), as well as the impact of fluctuating interest rates on our financial projections and models, sensitivities, and the shape of the yield curve;
•Changes in accounting policies, rules, and practices;
•Changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened inflation;
•Changes in the availability and cost of credit and capital in the financial markets;
•Changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans;
•The Company’s concentration in commercial real estate loans and in real estate collateral in Florida;
•Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit;
•Inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions;
•The impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business;
•Statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally;
•The risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies;
•Changes in technology or products that may be more difficult, costly, or less effective than anticipated;
•The Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence;
•Fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate;
•Inability of Seacoast’s risk management framework to manage risks associated with the Company’s business;
•Dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms;
•Reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy;
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•The effects of war or other conflicts, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs;
•Seacoast’s ability to maintain adequate internal controls over financial reporting;
•Potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions;
•The risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws;
•The effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions;
•The failure of assumptions underlying the establishment of reserves for expected credit losses;
•Risks related to, and the costs associated with, environmental, social and governance (“ESG”) matters, including the scope and pace of related rulemaking activity and disclosure requirements;
•A deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy;
•The risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and
•Other factors and risks described under “Risk Factors” herein and in any of the Company’s subsequent reports filed with the SEC and available on its website at www.sec.gov.
All written or oral forward-looking statements that are made or are attributable to Seacoast are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2023 and in other periodic reports that the Company files with the SEC. The Company assumes no obligation to update, revise or correct any forward-looking statements that are made from time to time, either as a result of future developments, new information or otherwise, except as may be required by law.

Results of Operations
Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 77 full-service branches across Florida, and through advanced mobile and online banking solutions. The Company’s financial results in the third quarter of 2024 include strong growth in loans and deposits supporting improved net interest income. Growth in noninterest income continues, and with significant cost-saving initiatives now complete, Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the third quarter of 2024 include:
•Net income of $30.7 million, or $0.36 per average diluted share, an increase of $0.4 million, or 1%, from the prior quarter.
•Pre-tax pre-provision earnings on an adjusted basis1 increased $1.9 million to $46.4 million from the prior quarter.
•Tangible book value per share increased 20% on an annualized basis to $16.20.
•Loans grew 6.6% on an annualized basis to $10.2 billion, and the overall loan pipeline remained strong at $831.1 million.
•Growth in customer deposits, excluding brokered deposits, of $195.9 million, or 6.6% annualized.
•Noninterest bearing deposits grew $45.5 million, or 5.3% annualized.
•Net interest margin was 3.17%, nearly flat compared to 3.18% in the prior quarter, and net interest margin, excluding accretion on acquired loans, expanded to 2.90% from 2.87%.
•Net interest income of $106.7 million, an increase of $2.2 million, or 2%, from the second quarter of 2024.
•Noninterest income increased to $23.7 million, representing a 33% year-over-year increase compared to the three months ended September 30, 2023.
•Strong capital position, with a Tier 1 capital ratio of 14.8%, and a tangible common equity to tangible assets ratio of 9.6%.

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The Company’s focus on organic customer growth and recent talent additions are generating momentum across its markets and business segments. The results for the third quarter of 2024 evidence the inflection in growth and the start of margin expansion expected during the second half of 2024.
For the third quarter of 2024, the Company reported net income of $30.7 million, or $0.36 per average diluted share, an increase of $0.4 million, or 1%, from the second quarter of 2024 and a decrease of $0.8 million, or 2%, compared to the third quarter of 2023. Adjusted net income1 for the third quarter of 2024 totaled $30.5 million, or $0.36 per average diluted share, an increase of $0.2 million, or 1%, compared to the second quarter of 2024 and a decrease of $3.7 million, or 11%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, net income totaled $86.9 million, or $1.02 per average diluted share, an increase of $12.4 million, or 17%, compared to the nine months ended September 30, 2023. For the nine months ended September 30, 2024, adjusted net income1 totaled $91.9 million, or $1.08 per average diluted share, compared to $101.9 million, or $1.21 per average diluted share for the nine months ended September 30, 2023.
ThirdSecondThirdNine Months Ended
QuarterQuarterQuarterSeptember 30,
20242024202320242023
Return on average tangible assets0.99 %1.00 %1.04 %0.96 %0.88 %
Return on average tangible shareholders’ equity10.31 10.75 11.90 10.21 10.09 
Efficiency ratio59.84 60.21 62.60 62.24 65.19 
Adjusted return on average tangible assets1
0.98 %1.00 %1.12 %1.01 %1.15 %
Adjusted return on average tangible shareholders’ equity1
10.27 10.76 12.79 10.72 13.14 
Adjusted efficiency ratio1
59.84 60.21 60.19 60.39 56.47 
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.

Net Interest Income and Margin
Net interest income for the third quarter of 2024 totaled $106.7 million, an increase of $2.2 million, or 2%, compared to the second quarter of 2024, and a decrease of $12.6 million, or 11%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, net interest income totaled $316.2 million, a decrease of $61.3 million, or 16%, compared to the nine months ended September 30, 2023. In the loan portfolio, higher interest income from new loan production was partially offset by lower accretion of purchase discount on acquired loans. Recent purchases in the securities portfolio contributed to higher securities yields. Higher interest expense on deposits reflects the impact of higher rates, with cuts to the federal funds rate late in the quarter not yet fully impacting the third quarter of 2024 results.
Net interest income (on a fully taxable equivalent basis)1 for the third quarter of 2024 was $107.0 million, an increase of $2.3 million, or 2%, compared to the second quarter of 2024, and a decrease of $12.5 million, or 10%, compared to the third quarter of 2023. Accretion on acquired loans totaled $9.2 million for the third quarter of 2024, compared to $10.2 million for the second quarter of 2024, and $14.8 million for the third quarter of 2023. For the nine months ended September 30, 2024, net interest income (on a fully taxable equivalent basis)1 was $316.9 million, a decrease of $61.1 million, or 16%, compared to the nine months ended September 30, 2023. Accretion on acquired loans totaled $30.0 million for the nine months ended September 30, 2024, compared to $45.4 million for the nine months ended September 30, 2023.
Net interest margin (on a fully taxable equivalent basis)1 decreased one basis point to 3.17% in the third quarter of 2024, compared to 3.18% in the second quarter of 2024, and decreased 40 basis points from 3.57% in the third quarter of 2023, largely driven by higher deposit costs. Compared to the second quarter of 2024, securities yields increased six basis points in the third quarter of 2024 to 3.75% and increased 42 basis points from the third quarter of 2023. The yield on loans increased to 5.94% for the third quarter of 2024, an increase of one basis point from both the second quarter of 2024 and from the third quarter of 2023. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 27 basis points for the third quarter of 2024, 30 basis points in the second quarter, and 44 basis points in the third quarter of 2023. The cost of deposits was 2.34% in the third quarter of 2024, compared to 2.31% in the second quarter of 2024, and 1.79% in the third quarter of 2023.
1Non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
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For the nine months ended September 30, 2024, net interest margin (on a fully taxable equivalent basis)1 decreased 72 basis points to 3.19% compared to the nine months ended September 30, 2023, largely driven by higher deposit costs. The yield on securities was 3.65% for the nine months ended September 30, 2024, compared to 3.10% for the nine months ended September 30, 2023. The yield on total loans increased from 5.89% for the nine months ended September 30, 2023 to 5.93% for the nine months ended September 30, 2024. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 30 basis points for the nine months ended September 30, 2024, and 47 basis points for the nine months ended September 30, 2023. The cost of deposits was 2.28% for the nine months ended September 30, 2024, an increase of 95 basis points compared to the nine months ended September 30, 2023.
In the remainder of 2024, the Company expects to continue growing customer relationships resulting in growth in loans and deposits. This growth, combined with lower rates on deposits resulting from expected short-term interest rate reductions, should benefit net interest income and net interest margin in the fourth quarter of 2024.
The following table details the trend for net interest income and margin results (on a fully taxable equivalent basis)1, the yield on earning assets and the rate paid on interest bearing liabilities for the periods specified:
(In thousands, except ratios)
Net Interest
Income1
Net Interest
Margin1
Yield on
Earning Assets1
Rate on Interest
Bearing Liabilities
Third quarter 2024$106,975 3.17 %5.46 %3.32 %
Second quarter 2024104,657 3.18 %5.47 %3.33 %
Third quarter 2023119,505 3.57 %5.38 %2.76 %
Nine months ended September 30, 2024316,930 3.19 %5.44 %3.28 %
Nine months ended September 30, 2023378,009 3.91 %5.30 %2.19 %
1On a fully taxable equivalent basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP.
Average loans increased $123.7 million, or 1%, for the third quarter of 2024 compared to the second quarter of 2024, and increased $85.2 million, or 1%, from the third quarter of 2023. For the nine months ended September 30, 2024, average loans increased $216.0 million, or 2%, from the nine months ended September 30, 2023.
Average loans as a percentage of average earning assets totaled 75% for the third quarter of 2024, 76% for the second quarter of 2024 and 76% for the third quarter of 2023. For each of the nine months ended September 30, 2024 and September 30, 2023, average loans as a percentage of average earning assets totaled 76%.
During the third quarter of 2024, average investment securities increased $127.1 million, or 4.8%, compared to the second quarter of 2024, and increased $171.9 million, or 6.6%, compared to the third quarter of 2023. Securities yields increased six basis points to 3.75% during the third quarter of 2024 from 3.69% in the second quarter of 2024, benefiting from recent purchases. For the nine months ended September 30, 2024, average investment securities were $2.7 billion, a decrease of $3.7 million compared to the nine months ended September 30, 2023.
The cost of average interest-bearing liabilities decreased one basis point in the third quarter of 2024 to 3.32% from 3.33% in the second quarter of 2024, and increased 56 basis points from 2.76% in the third quarter of 2023. The cost of average total deposits (including noninterest bearing demand deposits) was 2.34% in the third quarter of 2024, 2.31% in the second quarter of 2024 and 1.79% in the third quarter of 2023. For the nine months ended September 30, 2024, the cost of average total deposits (including noninterest bearing demand deposits) was 2.28% compared to 1.33% for the nine months ended September 30, 2023.
During the third quarter of 2024, average transaction deposits (noninterest and interest-bearing demand) decreased $273.4 million, or 4%, compared to the second quarter of 2024 and decreased $909.2 million, or 13%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, average transaction deposits decreased $751.8 million, or 11%, compared to the nine months ended September 30, 2023. Declines reflect shifts in customer preference during the periods toward money market accounts, which increased $276.5 million, or 8%, in the third quarter of 2024 compared to the prior quarter, and increased $841.7 million, or 30%, in the nine months ended September 30, 2024 compared to the prior year period. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the nine months ended September 30, 2024.
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Average balances of sweep repurchase agreements with customers decreased $52.5 million, or 18%, from the second quarter of 2024 and decreased $86.6 million, or 26%, compared to the third quarter of 2023. The average rate on customer sweep repurchase accounts was 3.37% for the third quarter of 2024, compared to 3.68% for the second quarter of 2024, and 3.48% for the third quarter of 2023. For the nine months ended September 30, 2024, the average balance was $289.2 million, compared to an average balance of $249.2 million for the nine months ended September 30, 2023 with average rates of 3.61% and 2.86%, respectively.
The Company had an average balance of $237.9 million in FHLB borrowings outstanding for the third quarter of 2024, with an average interest rate of 4.26%, compared to $149.2 million for the second quarter of 2024, with an average interest rate of 4.29%, and $111.1 million for the third quarter of 2023, with an average interest rate of 3.17%. The Company had an average balance of $163.5 million in FHLB borrowings outstanding for the nine months ended September 30, 2024, with an average interest rate of 4.17%, compared to $214.4 million for the nine months ended September 30, 2023, with an average interest rate of 3.70%.
Long-term debt balances averaged $106.7 million in the third quarter of 2024, $106.5 million in the second quarter of 2024, and $106.0 million in the third quarter of 2023. The average rate on long-term debt for the third quarter of 2024 was 7.05%, an increase of two basis points compared to the second quarter of 2024 and a decrease of 13 basis points compared to the third quarter of 2023. For the nine months ended September 30, 2024, long-term debt averaged $106.5 million, compared to $103.5 million for the nine months ended September 30, 2023. The average rate on long-term debt for the nine months ended September 30, 2024 was 7.13%, an increase of 25 basis points compared to the nine months ended September 30, 2023. The long-term debt is comprised of trust preferred securities issued by subsidiary trusts of the Company, and notes assumed in bank acquisitions in 2022 and 2023.
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The following tables detail average balances, net interest income and margin results (on a fully taxable equivalent basis, a non-GAAP measure) for the periods presented:
Average Balances, Interest Income and Expenses, Yields and Rates1
 20242023
 Third QuarterSecond QuarterThird Quarter
 Average Yield/Average Yield/Average Yield/
(In thousands, except ratios)BalanceInterestRateBalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable`$2,756,502 $25,963 3.75 %$2,629,716 $24,155 3.69 %$2,575,002 $21,401 3.32 %
Nontaxable5,701 42 2.93 5,423 40 2.97 15,280 119 3.11 
Total Securities2,762,203 26,005 3.75 2,635,139 24,195 3.69 2,590,282 21,520 3.32 
Federal funds sold433,423 5,906 5.42 510,401 6,967 5.49 547,576 7,415 5.37 
Interest bearing deposits with other banks and other investments102,700 1,232 4.77 98,942 1,361 5.53 90,039 1,062 4.68 
Total Loans, net10,128,822 151,282 5.94 10,005,122 147,518 5.93 10,043,611 150,048 5.93 
Total Earning Assets13,427,148 184,425 5.46 13,249,604 180,041 5.47 13,271,508 180,045 5.38 
Allowance for credit losses(141,974)(146,380)(158,440)
Cash and due from banks167,103 168,439 168,931 
Premises and equipment, net109,699 110,709 116,704 
Intangible assets812,761 818,914 839,787 
Bank owned life insurance304,703 302,165 295,272 
Other assets including deferred tax assets317,406 336,256 372,241 
Total Assets$14,996,846 $14,839,707 $14,906,003 
Liabilities and Shareholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand$2,489,674 $12,905 2.06 %$2,670,569 $14,946 2.25 %$2,804,243 $15,013 2.12 %
Savings546,473 601 0.44 584,490 560 0.39 770,503 465 0.24 
Money market3,942,357 38,457 3.88 3,665,858 35,813 3.93 2,972,495 22,918 3.06 
Time deposits1,716,720 19,002 4.40 1,631,290 17,928 4.42 1,619,572 16,461 4.03 
Securities sold under agreements to repurchase241,083 2,044 3.37 293,603 2,683 3.68 327,711 2,876 3.48 
Federal Home Loan Bank borrowings237,935 2,549 4.26 149,234 1,592 4.29 111,087 888 3.17 
Long-term debt, net106,706 1,892 7.05 106,532 1,862 7.03 106,036 1,919 7.18 
Total Interest-Bearing Liabilities9,280,948 77,450 3.32 9,101,576 75,384 3.33 8,711,647 60,540 2.76 
Noninterest demand3,393,110 3,485,603 3,987,761 
Other liabilities154,344 134,900 133,846 
Total Liabilities12,828,402 12,722,079 12,833,254 
Shareholders’ equity2,168,444 2,117,628 2,072,747 
Total Liabilities & Equity$14,996,846 $14,839,707 $14,906,003 
Cost of deposits2.34 %2.31 %1.79 %
Interest expense as a % of earning assets2.29 %2.29 %1.81 %
Net interest income as a % of earning assets$106,975 3.17 %$104,657 3.18 %$119,505 3.57 %
1On a fully taxable equivalent basis, a non-GAAP measure - see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
Average Balances, Interest Income and Expenses, Yields and Rates1
 20242023
 Nine Months Ended September 30,Nine Months Ended September 30,
 Average Yield/Average Yield/
(In thousands, except ratios)BalanceInterestRateBalanceInterestRate
Assets
Earning assets:
Securities:
Taxable$2,655,422 $72,511 3.65 %$2,649,127 $61,543 3.10 %
Nontaxable5,677 123 2.89 15,721 370 3.14 
Total Securities2,661,099 72,634 3.65 2,664,848 61,913 3.10 
Federal funds sold438,089 17,929 5.47 336,022 12,444 4.95 
Interest bearing deposits with other banks and other investments102,415 3,721 4.85 90,511 4,530 6.69 
Total Loans, net10,056,466 446,108 5.93 9,840,484 433,821 5.89 
Total Earning Assets13,258,069 540,392 5.44 12,931,865 512,708 5.30 
Allowance for credit losses(145,579)(151,613)
Cash and due from banks167,424 185,426 
Premises and equipment, net110,929 116,840 
Intangible assets819,046 811,483 
Bank owned life insurance302,220 287,756 
Other assets including deferred tax assets330,898 402,175 
Total Assets$14,843,007 $14,583,932 
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand$2,626,026 $43,117 2.19 %$2,642,180 $25,780 1.30 %
Savings586,285 1,701 0.39 909,184 1,292 0.19 
Money market3,673,493 105,998 3.85 2,831,747 54,540 2.58 
Time deposits1,646,285 54,051 4.39 1,288,736 36,490 3.79 
Securities sold under agreements to repurchase289,181 7,806 3.61 249,242 5,333 2.86 
Federal Home Loan Bank borrowings163,468 5,101 4.17 214,415 5,936 3.70 
Long-term debt, net106,538 5,688 7.13 103,469 5,328 6.88 
Total Interest-Bearing Liabilities9,091,276 223,462 3.28 8,238,973 134,699 2.19 
Noninterest demand3,468,790 4,204,389 
Other liabilities148,000 126,487 
Total Liabilities12,708,066 12,569,849 
Shareholders' equity2,134,941 2,014,083 
Total Liabilities & Equity$14,843,007 $14,583,932 
Cost of deposits2.28 %1.33 %
Interest expense as a % of earning assets2.25 %1.39 %
Net interest income as a % of earning assets$316,930 3.19 %$378,009 3.91 %
1On a fully taxable equivalent basis, a non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. All yields and rates have been computed on an annual basis using amortized cost. Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
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Noninterest Income
Noninterest income totaled $23.7 million for the third quarter of 2024, an increase of $1.5 million, or 7%, compared to the second quarter of 2024 and an increase of $5.9 million, or 33%, from the third quarter of 2023. Noninterest income totaled $66.4 million for the nine months ended September 30, 2024, an increase of $4.5 million, or 7%, compared to the nine months ended September 30, 2023.
Noninterest income is detailed as follows:
ThirdSecondThirdNine Months Ended
QuarterQuarterQuarterSeptember 30,
(In thousands)20242024202320242023
Service charges on deposit accounts$5,412 $5,342 $4,648 $15,714 $13,450 
Interchange income1,911 1,940 1,684 5,739 11,444 
Wealth management income3,843 3,766 3,138 11,149 9,519 
Mortgage banking fees485 582 410 1,448 1,412 
Insurance agency income1,399 1,355 1,183 4,045 3,444 
SBA gains391 694 613 1,824 1,184 
BOLI income2,578 2,596 2,197 7,438 6,181 
Other7,473 5,953 4,307 18,631 15,636 
 23,492 22,228 18,180 65,988 62,270 
Securities gains (losses), net187 (44)(387)372 (456)
Total$23,679 $22,184 $17,793 $66,360 $61,814 
Service charges on deposits were $5.4 million in the third quarter of 2024, compared to $5.3 million in the second quarter of 2024, and $4.6 million in the third quarter of 2023. For the nine months ended September 30, 2024, service charges on deposits totaled $15.7 million, an increase of $2.3 million, or 17%, compared to the nine months ended September 30, 2023. The Company’s investments in talent and market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
Interchange income remained flat compared to the second quarter of 2024 and increased $0.2 million, or 13%, compared to the third quarter of 2023. The increase from the prior year quarter reflects continued organic growth. For the nine months ended September 30, 2024, interchange income totaled $5.7 million, a decrease of $5.7 million, or 50%, compared to the nine months ended September 30, 2023, due to the impact of the Durbin amendment, which became effective for the Company on July 1, 2023.
Wealth management income, including trust fees and brokerage commissions and fees, was $3.8 million in both the second and third quarters of 2024, compared to $3.1 million for the third quarter of 2023. For the nine months ended September 30, 2024, wealth management income totaled $11.1 million, an increase of $1.6 million, or 17%, compared to the nine months ended September 30, 2023. The wealth management division continues to demonstrate success in building relationships, and assets under management have increased $276.5 million, or 16%, from December 31, 2023, to $2.0 billion at September 30, 2024.
Insurance agency income was similar to the second quarter of 2024 and totaled $1.4 million for the three months ended September 30, 2024, compared to $1.2 million in the third quarter of 2023. For the nine months ended September 30, 2024, insurance agency income totaled $4.0 million, an increase of $0.6 million, or 17%, compared to the nine months ended September 30, 2023, reflecting continued growth and expansion of insurance services.
Bank owned life insurance (“BOLI”) income of $2.6 million for the third quarter of 2024 was consistent with the second quarter of 2024 and increased $0.4 million, or 17%, from $2.2 million for the third quarter of 2023. For the nine months ended September 30, 2024, BOLI income totaled $7.4 million, an increase of $1.3 million, or 20%, compared to the nine months ended September 30, 2023, with policy exchanges executed in the first quarter of 2024 resulting in improved ongoing yields.
Other income was $7.5 million in the third quarter of 2024, an increase of $1.5 million, or 26%, compared to the second quarter of 2024, and an increase of $3.2 million, or 74%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, other income totaled $18.6 million, an increase of $3.0 million, or 19%, compared to the nine months ended September 30, 2023. Changes in each period reflect variability in income from SBIC investments, loan swap-related fees, and other fees correlating with growth in customers and accounts.
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Net securities activity resulted in gains of $0.2 million during the third quarter of 2024, losses of $44 thousand in the second quarter of 2024, and losses of $0.4 million in the third quarter of 2023. For the nine months ended September 30, 2024, net securities activity resulted in gains of $0.4 million, compared to losses of $0.5 million for the nine months ended September 30, 2023. The first quarter of 2024 included gains of $4.1 million on the sale of the Company’s holdings of Visa Class B stock, which were largely offset by losses of $3.8 million on the sale of $86.8 million, or 3%, of the bank’s investment securities portfolio. The proceeds were reinvested at a yield of 5.53%, with an expected earnback on the trade of 1.9 years.
In October 2024, the Company took advantage of favorable market conditions and repositioned a portion of its available for sale securities portfolio. Securities with an average book yield of 2.8% were sold, resulting in a pre-tax loss of approximately $8.0 million impacting fourth quarter 2024 results. The proceeds of approximately $113.0 million were reinvested in agency mortgage-backed securities with an average book yield of 5.4%, for an estimated earnback of less than three years.
Noninterest Expenses
Noninterest expense for the third quarter of 2024 totaled $84.8 million, an increase of $2.3 million, or 3%, compared to the second quarter of 2024, and a decrease of $9.1 million, or 10%, from the third quarter of 2023. For the nine months ended September 30, 2024, noninterest expense totaled $257.7 million, a decrease of $51.5 million, or 17%, compared to the nine months ended September 30, 2023. The decreases from 2023 are the result of cost-saving initiatives and prudent management of expenses, while maintaining strategic investments to support continued growth. Noninterest expenses are detailed as follows:
ThirdSecondThirdNine Months Ended
QuarterQuarterQuarterSeptember 30,
(In thousands)20242024202320242023
Salaries and wages$40,697 $38,937 $46,431 $119,938 $139,202 
Employee benefits6,955 6,861 7,206 21,705 23,240 
Outsourced data processing costs8,003 8,210 8,714 28,331 43,489 
Occupancy7,096 7,180 7,758 22,313 24,360 
Furniture and equipment2,060 1,956 2,052 6,027 6,664 
Marketing2,729 3,266 1,876 8,650 6,161 
Legal and professional fees2,708 1,982 2,679 6,841 14,220 
FDIC assessments1,882 2,131 2,258 6,171 5,817 
Amortization of intangibles6,002 6,003 7,457 18,297 21,838 
Other real estate owned expense and net (gain) loss on sale491 (109)274 356 412 
Provision for credit losses on unfunded commitments250 251 — 751 1,239 
Other5,945 5,869 7,210 18,346 22,613 
Total$84,818 $82,537 $93,915 $257,726 $309,255 
Salaries and wages totaled $40.7 million for the third quarter of 2024, $38.9 million for the second quarter of 2024, and $46.4 million for the third quarter of 2023. The third quarter of 2024 reflects continued additions to the banking team as the Company focuses on organic growth. For the nine months ended September 30, 2024, salaries and wages totaled $119.9 million, a decrease of $19.3 million, or 14%, compared to the nine months ended September 30, 2023. A workforce reduction in early 2024 partially offset revenue compression from higher interest rates.
During the third quarter of 2024, employee benefits, which include costs associated with the Company’s self-funded health insurance benefits, 401(k) plan, payroll taxes, and unemployment compensation, were $7.0 million, an increase of $0.1 million, or 1%, compared to the second quarter of 2024, and a decrease of $0.3 million, or 3%, compared to the third quarter of 2023. For the nine months ended September 30, 2024, employee benefit costs totaled $21.7 million, a decrease of $1.5 million, or 7%, compared to the nine months ended September 30, 2023. The decreases compared to the 2023 periods are related to reductions in the workforce.
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 $8.0 million, $8.2 million, and $8.7 million for the third quarter of 2024, second quarter of 2024, and third quarter of 2023, respectively. Lower expenses in the third quarter of 2024 reflect the benefit of lower negotiated rates with key service providers. For the nine months ended September 30, 2024, outsourced data processing costs totaled $28.3 million, a decrease of
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$15.2 million, or 35%, compared to the nine months ended September 30, 2023. The 2023 period included $17.5 million in costs directly associated with bank acquisitions.
Total occupancy and furniture and equipment expenses were $9.2 million in the third quarter of 2024, $9.1 million in the second quarter of 2024, and $9.8 million in the third quarter of 2023. The decrease in expenses compared to the third quarter of 2023 is the result of expense reduction efforts completed during 2024. For the nine months ended September 30, 2024, occupancy and furniture and equipment expenses totaled $28.3 million, a decrease of $2.7 million, or 9%, compared to the nine months ended September 30, 2023.
Marketing expenses totaled $2.7 million in the third quarter of 2024, $3.3 million in the second quarter of 2024, and $1.9 million in the third quarter of 2023. For the nine months ended September 30, 2024, marketing expenses totaled $8.7 million, an increase of $2.5 million, or 40%, compared to the nine months ended September 30, 2023. Planned investments in branding and in marketing campaigns across the state led to higher marketing expenses in 2024, with changes between periods driven by the timing of various campaigns.
Legal and professional fees for the third quarter of 2024 were $2.7 million, an increase of $0.7 million, or 37%, compared to the second quarter of 2024, and similar to expenses in the third quarter of 2023. For the nine months ended September 30, 2024, legal and professional fees totaled $6.8 million, a decrease of $7.4 million, or 52%, compared to the nine months ended September 30, 2023. The 2023 period included $6.5 million in costs directly associated with bank acquisitions.
Provision for Credit Losses
The provision for credit losses was $6.3 million for the third quarter of 2024, compared to $4.9 million for the second quarter of 2024, and $2.7 million for the third quarter of 2023. For the nine months ended September 30, 2024, provision for credit losses was $12.6 million, compared to $33.5 million for the nine months ended September 30, 2023. The first quarter of 2023 included a $26.6 million day-one provision recorded in conjunction with the Professional acquisition. Excluding the day-one provision, the increase for the nine months ended September 30, 2024 compared to the nine months ended September 30, 2023 was primarily due to loan growth.
In late September and early October 2024, communities across our corporate footprint were impacted by Hurricanes Helene and Milton. We maintained uninterrupted digital and telephone access for our customers and, having experienced minimal impacts to our branch properties, we fully reopened to serve our communities shortly after each storm passed. Recovery efforts in many areas continue and the full impacts on people and businesses in the most hard-hit regions are not fully known. We do not expect a significant impact from Hurricane Helene, but an additional provision for credit losses may be warranted in the fourth quarter of 2024 for the impacts of Hurricane Milton, in a range between approximately $5 million and $10 million.
Income Taxes
For the third quarter of 2024, the Company recorded tax expense of $8.6 million, a decrease of $0.3 million, or 3%, compared to the second quarter of 2024 and a decrease of $0.5 million, or 5%, compared to the third quarter of 2023. The effective tax rate for the third quarter of 2024 was 21.9%, compared to 22.4% in the second quarter of 2024 and 22.8% in the third quarter of 2023. For the nine months ended September 30, 2024, tax expense totaled $25.3 million, an increase of $3.4 million, or 15%, compared to the nine months ended September 30, 2023, with an effective tax rate of 22.6% for the nine months ended September 30, 2024, compared to 22.8% for the nine months ended September 30, 2023.
Explanation of Certain Unaudited Non-GAAP Financial Measures
This report contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). The financial highlights provide reconciliations between GAAP and adjusted financial measures including net income, fully taxable equivalent net interest income, noninterest income, noninterest expense, tax adjustments, net interest margin and other financial ratios. Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
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Reconciliation of Non-GAAP Measures
ThirdSecondThirdNine Months Ended
QuarterQuarterQuarterSeptember 30,
(Amounts in thousands, except per share data)20242024202320242023
Net income$30,651 $30,244 $31,414 $86,901 $74,490 
Total noninterest income$23,679 $22,184 $17,793 $66,360 $61,814 
Securities (gains)/losses, net(187)44 387 (372)456 
BOLI benefits on death (included in other income)— — — — (2,117)
Total adjustments to noninterest income(187)44 387 (372)(1,661)
Total adjusted noninterest income$23,492 $22,228 $18,180 $65,988 $60,153 
Total noninterest expense$84,818 $82,537 $93,915 $257,726 $309,255 
Merger related charges— — — — (33,180)
Branch reductions and other expense initiatives1
— — (3,305)(7,094)(5,167)
Adjustments to noninterest expense— — (3,305)(7,094)(38,347)
Adjusted noninterest expense2
$84,818 $82,537 $90,610 $250,632 $270,908 
Income taxes$8,602 $8,909 $9,076 $25,341 $21,962 
Tax effect of adjustments(47)11 936 1,703 9,298 
Adjusted income taxes8,555 8,920 10,012 27,044 31,260 
Adjusted net income2
$30,511 $30,277 $34,170 $91,920 $101,878 
Earnings per diluted share, as reported$0.36 $0.36 $0.37 $1.02 $0.89 
Adjusted earnings per diluted share0.36 0.36 0.40 1.08 1.21 
Average diluted shares outstanding85,069 84,816 85,666 84,915 83,993 
Adjusted noninterest expense$84,818 $82,537 $90,610 $250,632 $270,908 
Provision for credit losses on unfunded commitments(250)(251)— (751)(1,239)
Other real estate owned expense and net (gain) loss on sale(491)109 (274)(356)(412)
Amortization of intangibles(6,002)(6,003)(7,457)(18,297)(21,838)
Net adjusted noninterest expense$78,075 $76,392 $82,879 $231,228 $247,419 
Net adjusted noninterest expense$78,075 $76,392 $82,879 $231,228 $247,419 
Average tangible assets$14,184,085 $14,020,793 $14,066,216 $14,023,961 $13,772,449 
Net adjusted noninterest expense to average tangible assets2.19 %2.19 %2.34 %2.20 %2.40 %
Net revenue$130,344 $126,608 $137,099 $382,527 $439,235 
Total adjustments to net revenue(187)44 387 (372)(1,661)
Impact of FTE adjustment310 233 199 763 588 
Adjusted net revenue on a fully taxable equivalent basis$130,467 $126,885 $137,685 $382,918 $438,162 
Adjusted efficiency ratio59.84 %60.21 %60.19 %60.39 %56.47 %
Net interest income$106,665 $104,424 $119,306 $316,167 $377,421 
Impact of FTE adjustment310 233 199 763 588 
Net interest income including FTE adjustment106,975 104,657 119,505 316,930 378,009 
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ThirdSecondThirdNine Months Ended
QuarterQuarterQuarterSeptember 30,
(Amounts in thousands, except per share data)20242024202320242023
Total noninterest income23,679 22,184 17,793 66,360 61,814 
Total noninterest expense less provision for credit losses on unfunded commitments84,568 82,286 93,915 256,975 308,016 
Pre-tax pre-provision earnings46,086 44,555 43,383 126,315 131,807 
Total adjustments to noninterest income(187)44 387 (372)(1,661)
Total adjustments to noninterest expense including other real estate owned expense and net (gain) loss on sale491 (109)3,579 7,450 38,759 
Adjusted pre-tax pre-provision earnings2
$46,390 $44,490 $47,349 $133,393 $168,905 
Average assets$14,996,846 $14,839,707 $14,906,003 $14,843,007 $14,583,932 
Less average goodwill and intangible assets(812,761)(818,914)(839,787)(819,046)(811,483)
Average tangible assets$14,184,085 $14,020,793 $14,066,216 $14,023,961 $13,772,449 
Return on average assets (ROA)0.81 %0.82 %0.84 %0.78 %0.68 %
Impact of removing average intangible assets and related amortization 0.18 0.18 0.20 0.18 0.20 
Return on average tangible assets (ROTA)0.99 1.00 1.04 0.96 0.88 
Impact of other adjustments for adjusted net income (0.01)— 0.08 0.05 0.27 
Adjusted return on average tangible assets0.98 %1.00 %1.12 %1.01 %1.15 %
Pre-tax pre-provision return on average tangible assets1.46 %1.45 %1.43 %1.38 %1.49 %
Impact of adjustments on pre-tax pre-provision earnings0.01 — 0.12 0.06 0.36 
Adjusted pre-tax pre-provision return on average tangible assets2
1.47 %1.45 %1.55 %1.44 %1.85 %
Average shareholders’ equity$2,168,444 $2,117,628 $2,072,747 $2,134,941 $2,014,083 
Less average goodwill and intangible assets(812,761)(818,914)(839,787)(819,046)(811,483)
Average tangible equity$1,355,683 $1,298,714 $1,232,960 $1,315,895 $1,202,600 
Return on average shareholders’ equity 5.62 %5.74 %6.01 %5.44 %4.94 %
Impact of removing average intangible assets and related amortization 4.69 5.01 5.89 4.77 5.15 
Return on average tangible common equity (ROTCE)10.31 10.75 11.90 10.21 10.09 
Impact of other adjustments for adjusted net income (0.04)0.01 0.89 0.51 3.05 
Adjusted return on average tangible common equity 10.27 %10.76 %12.79 %10.72 %13.14 %
Loan interest income3
$151,282 $147,518 $150,048 $446,108 $433,821 
Accretion on acquired loans(9,182)(10,178)(14,843)(29,955)(45,365)
Loan interest income excluding accretion on acquired loans3
$142,100 $137,340 $135,205 $416,153 $388,456 
Yield on loans3
5.94 %5.93 %5.93 %5.93 %5.89 %
Impact of accretion on acquired loans (0.36)(0.41)(0.59)(0.40)(0.61)
Yield on loans excluding accretion on acquired loans3
5.58 %5.52 %5.34 %5.53 %5.28 %
Net interest income3
$106,975 $104,657 $119,505 $316,930 $378,009 
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ThirdSecondThirdNine Months Ended
QuarterQuarterQuarterSeptember 30,
(Amounts in thousands, except per share data)20242024202320242023
Accretion on acquired loans(9,182)(10,178)(14,843)(29,955)(45,365)
Net interest income excluding accretion on acquired loans3
$97,793 $94,479 $104,662 $286,975 $332,644 
Net interest margin3
3.17 %3.18 %3.57 %3.19 %3.91 %
Impact of accretion on acquired loans (0.27)(0.30)(0.44)(0.30)(0.47)
Net interest margin excluding accretion on acquired loans3
2.90 %2.87 %3.13 %2.89 %3.44 %
Securities interest income3
$26,005 $24,195 $21,520 $72,634 $61,913 
Fully taxable equivalent adjustment to securities(8)(7)(22)(22)(71)
Securities interest income excluding fully taxable equivalent adjustment$25,997 $24,188 $21,498 $72,612 $61,842 
Loan interest income3
$151,282 $147,518 $150,048 $446,108 $433,821 
Fully taxable equivalent adjustment to loans(302)(226)(177)(741)(517)
Loan interest income excluding fully taxable equivalent adjustment$150,980 $147,292 $149,871 $445,367 $433,304 
Net interest income3
$106,975 $104,657 $119,505 $316,930 $378,009 
Fully taxable equivalent adjustments to securities(8)(7)(22)(22)(71)
Fully taxable equivalent adjustments to loans(302)(226)(177)(741)(517)
Net interest income excluding fully taxable equivalent adjustments$106,665 $104,424 $119,306 $316,167 $377,421 
1Includes severance, contract termination costs, disposition of branch premises and fixed assets, and other costs to effect the Company’s branch consolidation and other expense reduction strategies.
2As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change.
3On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
Financial Condition
Total assets as of September 30, 2024 were $15.2 billion, an increase of $588.1 million, or 4%, from December 31, 2023.
Securities
Information related to yields, maturities, carrying values and fair value of the Company’s securities is set forth in “Note 3 – Securities” in this report.
At September 30, 2024, the Company had $2.2 billion in AFS securities and $646.1 million in HTM securities. The Company’s total debt securities portfolio increased $289.8 million from December 31, 2023. During the first quarter of 2024, the Company recognized a $4.1 million gain on the opportunistic sale of its Visa Class B shares. The gain was offset by a partial repositioning of the securities portfolio, in which $86.8 million of securities were sold, with $3.8 million in realized losses.
Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 4.1 and 4.5, respectively, at September 30, 2024 compared to 4.5 and 4.9, respectively, at December 31, 2023.
At September 30, 2024, AFS securities had gross unrealized losses of $179.0 million and gross unrealized gains of $13.8 million, compared to gross unrealized losses of $217.7 million and gross unrealized gains of $4.4 million at December 31, 2023.
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 $2.4 billion, or 85%, of the total portfolio.
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The portfolio includes $136.0 million, with a fair value of $129.3 million, in private label residential and commercial mortgage-backed securities and collateralized mortgage obligations. Included are $121.6 million, with a fair value of $111.4 million, in private label residential securities with weighted average credit support of 23%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans. Commercial securities totaled $9.6 million, with a fair value of $9.2 million. These securities have weighted average credit support of 22%. The collateral underlying these mortgages are primarily pooled multifamily loans.
The Company also has invested $286.0 million in floating rate collateralized loan obligations. Collateralized loan obligations are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of September 30, 2024, all of the Company’s collateralized loan obligations were in AAA/AA tranches with weighted average credit support of 34%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.
HTM securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government-sponsored entities, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity through other sources if needed, and has the intent and ability to hold these investments to maturity.
At September 30, 2024, the Company has determined that all debt securities in an unrealized loss position are the result of both broad investment type spreads and the current interest rate environment. Management believes that each investment will recover any price depreciation over its holding period as the debt securities move to maturity, and management has the intent and ability to hold these investments to maturity if necessary. Therefore, at September 30, 2024, no allowance for credit losses has been recorded.
Loan Portfolio
Loans, net of unearned income and excluding the allowance for credit losses, were $10.2 billion at September 30, 2024, a $142.3 million, or 1.4%, increase from December 31, 2023.
The Company remains committed to sound risk management procedures. Portfolio diversification in terms of asset mix, industry, and loan type has been and continues to be an important element of the Company’s lending strategy. The average loan size is $360 thousand, and the average commercial loan size is $789 thousand at September 30, 2024, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships. Lending policies contain guardrails that pertain to lending by type of collateral and purpose, along with limits regarding loan concentrations and the principal amount of loans. The Company’s exposure to commercial real estate lending remains well below regulatory limits (see “Loan Concentrations”).
The following tables detail loan portfolio composition at September 30, 2024 and December 31, 2023 for portfolio loans, purchased credit deteriorated (“PCD”) and loans purchased which are not considered purchased credit deteriorated (“Non-PCD”) as defined in “Note 4 - Loans”.
 September 30, 2024
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$495,458 $99,756 $539 $595,753 
Commercial real estate - owner occupied1,150,809 493,986 32,019 1,676,814 
Commercial real estate - non-owner occupied2,228,137 1,214,092 130,847 3,573,076 
Residential real estate1,811,941 734,399 18,563 2,564,903 
Commercial and financial1,332,939 213,109 29,180 1,575,228 
Consumer158,902 60,293 312 219,507 
Totals$7,178,186 $2,815,635 $211,460 $10,205,281 
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 December 31, 2023
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$519,426 $247,654 $542 $767,622 
Commercial real estate - owner occupied1,079,633 552,627 38,021 1,670,281 
Commercial real estate - non-owner occupied1,844,588 1,323,222 152,080 3,319,890 
Residential real estate1,714,748 710,129 20,815 2,445,692 
Commercial and financial1,237,090 318,683 52,115 1,607,888 
Consumer175,969 74,854 744 251,567 
Totals$6,571,454 $3,227,169 $264,317 $10,062,940 
The amortized cost basis of loans included net deferred costs of $44.9 million at September 30, 2024 and $43.1 million at December 31, 2023. At September 30, 2024, the remaining fair value adjustments on acquired loans were $141.8 million, or 4.5%, of the outstanding acquired loan balances, compared to $174.0 million, or 4.8%, of the acquired loan balances at December 31, 2023. The discount is accreted into interest income over the remaining lives of the related loans on a level yield basis.
Collateral types and characteristics of non-owner occupied commercial real estate (“CRE”) loans as of September 30, 2024 were as follows:
September 30, 2024
(In thousands)
BalanceBalance % of Total LoansAverage Loan Size30+ Days Past Due-AccruingNon Accrual
Weighted Avg LTV1
Retail$1,135,452 11.1 %$2,248 $324 $— 50 %
Office561,984 5.5 1,678 — 2,914 54 
Multifamily 5+458,588 4.5 2,259 — 3,189 51 
Hotel/Motel363,324 3.6 3,707 3,341 15,684 49 
Industrial/Warehouse429,894 4.2 2,128 2,554 195 54 
Other623,834 6.1 1,147 2,377 6,724 51 
Total$3,573,076 35.0 %$1,893 $8,596 $28,706 51 %
1Loan-to-value is calculated based on the real estate value at the time of origination, renewal, or update, whichever is more recent.
Non-owner occupied CRE loans increased by $253.2 million in the nine months ended September 30, 2024, totaling $3.6 billion at September 30, 2024 compared to $3.3 billion at December 31, 2023. Non-owner occupied CRE loans are collateralized by properties where the source of repayment is typically from the sale or lease of the property. Within the non-owner occupied CRE portfolio, the largest segment is Retail properties, which totaled approximately $1.1 billion at September 30, 2024. This segment targets grocery or credit tenant-anchored shopping plazas, single credit tenant retail buildings, smaller outparcels, and other small retail units. Loans in this segment have a weighted average loan to value of 50% and an average loan size of $2.2 million.
The second-largest segment in the non-owner occupied CRE portfolio is office properties, which totaled $562.0 million at September 30, 2024. This segment targets low to mid-rise suburban offices and is broadly diversified across many types of professional services. There is limited exposure to central business districts. Loans in this segment have a weighted average loan to value of 54% and an average loan size of $1.7 million.
Owner-occupied CRE loans increased by $6.5 million in the nine months ended September 30, 2024 to $1.7 billion. Owner-occupied CRE is used by the owner, where the primary source of repayment is the cash flow from business operations housed within the property.
Commercial and financial loans are extended to commercial customers for working capital, physical asset expansion, asset acquisition or other business purposes. Balances decreased $32.7 million, or 2%, from December 31, 2023, totaling $1.6 billion at September 30, 2024.
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Residential mortgage loans increased $119.2 million to $2.6 billion during the nine months ended September 30, 2024. Included in the balance as of September 30, 2024, were $981.3 million of fixed rate mortgages, $981.1 million of adjustable rate mortgages and $602.5 million in home equity loans and home equity lines of credit (“HELOCs”), compared to $1.0 billion, $865.2 million and $488.2 million, respectively, at December 31, 2023. Substantially all residential originations have been underwritten to conventional loan agency standards, including loan balances that exceed agency value limitations. The average LTV of our HELOC portfolio is 64%, with 32% of the loans being in first lien position at September 30, 2024, compared to an average LTV of 63%, with 35% of the portfolio being in the first lien position at December 31, 2023.
The Company also provides consumer loans, which include installment loans, auto loans, marine loans, and other consumer loans, which decreased $32.1 million, or 13%, to total $219.5 million at September 30, 2024, compared to $251.6 million at December 31, 2023.
Loan production and late-stage pipelines (loans in underwriting and approval or approved and not yet closed) are detailed in the following table for the periods specified. Pipelines include lines of credit at the full proposed commitment amount, which may not result in fully funded originations.
ThirdSecondThird
QuarterQuarterQuarter
(In thousands)202420242023
Commercial/commercial real estate loan pipeline at period end$744,548 $743,789 $259,445 
Commercial/commercial real estate loans closed499,655 405,957 94,021 
SBA pipeline at period end28,944 29,296 41,353 
SBA originations18,386 8,226 12,476 
Residential pipeline - saleable at period end11,222 12,095 6,820 
Residential loans - sold23,200 21,417 17,625 
Residential pipeline - portfolio at period end21,920 24,721 20,945 
Residential loans - retained51,507 42,431 43,962 
Consumer pipeline at period end24,447 24,532 24,482 
Consumer originations65,140 59,973 76,531 
Commercial and commercial real estate originations during the third quarter of 2024 were $499.7 million, an increase of $93.7 million, or 23%, compared to the second quarter of 2024, and an increase of $405.6 million, or 431%, compared to the third quarter of 2023. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production. Commercial and commercial real estate pipelines were $744.5 million as of September 30, 2024, an increase of $0.8 million from $743.8 million at June 30, 2024, and an increase of 187% from $259.4 million at September 30, 2023.
SBA originations totaled $18.4 million during the third quarter of 2024, an increase of $10.2 million compared to the second quarter of 2024, and an increase of $5.9 million compared to the third quarter of 2023.
Residential loans originated for sale in the secondary market totaled $23.2 million in the third quarter of 2024, compared to $21.4 million in the second quarter of 2024 and $17.6 million in the third quarter of 2023. Residential saleable pipelines were $11.2 million as of September 30, 2024, compared to $12.1 million as of June 30, 2024 and $6.8 million as of September 30, 2023.
Residential loan production retained in the portfolio for the third quarter of 2024 was $51.5 million, compared to $42.4 million in the second quarter of 2024 and $44.0 million in the third quarter of 2023. The pipeline of residential loans intended to be retained in the portfolio was $21.9 million as of September 30, 2024, compared to $24.7 million as of June 30, 2024, and $20.9 million as of September 30, 2023.
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Consumer originations, which include HELOCs, totaled $65.1 million during the third quarter of 2024, compared to $60.0 million in the second quarter of 2024 and $76.5 million in the third quarter of 2023. The consumer pipeline was $24.4 million as of September 30, 2024, compared to $24.5 million as of June 30, 2024 and $24.5 million at September 30, 2023.
Loan Concentrations
The Company has developed guardrails to manage loan types that are most impacted by stressed market conditions to minimize credit risk concentration to capital. Outstanding balances for commercial and commercial real estate loan relationships greater than $10 million totaled $2.6 billion, representing 26% of the total portfolio at September 30, 2024, compared to $2.3 billion, or 23%, at December 31, 2023. The Company’s ten largest commercial and commercial real estate funded and unfunded relationships at September 30, 2024 aggregated to $550.7 million, of which $441.4 million was funded, compared to $505.7 million at December 31, 2023, of which $348.3 million was funded.
Concentrations in construction and land development loans and CRE loans are maintained well below regulatory guidelines. Construction and land development and CRE loan concentrations as a percentage of subsidiary bank total risk based capital were 36% and 241%, respectively, at September 30, 2024, compared to 48% and 244%, respectively, at December 31, 2023. Regulatory guidance suggests limits of 100% and 300%, respectively. On a consolidated basis, construction and land development and commercial real estate loans represent 34% and 227%, respectively, of total consolidated risk based capital as of September 30, 2024 compared to 45% and 228%, respectively, at December 31, 2023. To determine these ratios, the Company defines CRE in accordance with the guidance on “Concentrations in Commercial Real Estate Lending” (the “Guidance”) issued by the federal bank regulatory agencies in 2006 (and reinforced in 2015), which defines CRE loans as exposures secured by land development and construction, including 1-4 family residential construction, multi-family property, and non-farm nonresidential property where the primary or a significant source of repayment is derived from rental income associated with the property (i.e., loans for which 50 percent or more of the source of repayment comes from third party, non-affiliated, rental income) or the proceeds of the sale, refinancing, or permanent financing of the property. Loans to real estate investment trusts (“REITs”) and unsecured loans to developers that closely correlate to the inherent risks in CRE markets would also be considered CRE loans under the Guidance. Loans on owner-occupied CRE are generally excluded. In addition, the Company is subject to a geographic concentration of credit because it primarily operates in Florida.
Nonperforming Loans, Troubled Borrower Modifications, Other Real Estate Owned and Credit Quality
Nonperforming assets (“NPAs”) at September 30, 2024 totaled $87.3 million, and were comprised of $80.9 million of nonaccrual loans, and $6.4 million of other real estate owned (“OREO”), including $5.7 million of branches taken out of service. Overall, NPAs increased $14.6 million, or 20%, from $72.7 million as of December 31, 2023. NPAs to total assets at September 30, 2024 increased to 0.58% from 0.50% at December 31, 2023.
Compared to December 31, 2023, nonaccrual loans increased $15.8 million, or 24%. Approximately 75% of nonaccrual loans were secured with real estate at September 30, 2024. Nonperforming loans to total loans outstanding at September 30, 2024 increased to 0.79% from 0.65% at December 31, 2023. A significant portion of nonaccrual loans have collateral values well in excess of balances outstanding, and therefore, no loss is expected.

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The tables below set forth details related to nonaccrual loans.
September 30, 2024
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual LoansAllowance for Credit Losses
Construction and land development$94 $744 $838 $177 
Commercial real estate - owner occupied2,664 7,002 9,666 1,188 
Commercial real estate - non-owner occupied25,452 3,254 28,706 1,715 
Residential real estate6,379 14,690 21,069 562 
Commercial and financial3,571 15,533 19,104 6,676 
Consumer— 1,474 1,474 221 
Totals $38,160 $42,697 $80,857 $10,539 
December 31, 2023
(In thousands)Nonaccrual Loans With No Related AllowanceNonaccrual Loans With an AllowanceTotal Nonaccrual LoansAllowance for Credit Losses
Construction and land development$— $824 $824 $— 
Commercial real estate - owner occupied4,859 4,825 9,684 41 
Commercial real estate - non-owner occupied3,938 4,797 8,735 230 
Residential real estate1,792 8,194 9,986 58 
Commercial and financial4,868 29,825 34,693 2,319 
Consumer— 1,182 1,182 257 
Totals$15,457 $49,647 $65,104 $2,905 

In accordance with regulatory reporting requirements, loans are placed on nonaccrual following the Retail Classification of Loan interagency guidance. The accrual of interest is generally discontinued on loans that become 90 days past due as to principal or interest unless collection of both principal and interest is assured by way of collateralization, guarantees or other security. Consumer loans that become 120 days past due are generally charged off. The loan carrying value is analyzed and any changes are appropriately made quarterly, as described above.
In certain circumstances, the Company provides modifications of loans to borrowers experiencing financial difficulty, which the Company refers to as troubled borrower modifications (“TBMs”). Loans that were modified as TBMs during the nine months ended September 30, 2024 are included in “Note 4 - Loans”.

Allowance for Credit Losses on Loans
Management establishes the allowance using relevant available information from both internal and external sources, relating to past events, current conditions, and reasonable and supportable forecasts. The forecasts of future economic conditions are over a period that has been deemed reasonable and supportable, and in segments where it can no longer develop reasonable and supportable forecasts, the Company reverts to longer-term historical loss experience to estimate losses over the remaining life of the loans. Expected credit losses are estimated over the contractual term of the loans, adjusted for expected prepayments.
The Company recorded provision expense of $6.3 million and $12.6 million, respectively, for the three and nine months ended September 30, 2024, compared to $2.7 million and $33.5 million, respectively, for the three and nine months ended September 30, 2023. The Company recorded net charge-offs of $7.4 million and $21.0 million, respectively, in the three and nine months ended September 30, 2024, compared to $12.7 million and $16.6 million, respectively, for the three and nine months ended September 30, 2023.
The ratio of allowance for credit losses to total loans was 1.38% at September 30, 2024, 1.47% at December 31, 2023, and 1.49% at September 30, 2023.
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Cash and Cash Equivalents and Liquidity Risk Management
Liquidity risk involves the risk of being unable to fund assets with the appropriate duration and rate-based liability, as well as the risk of not being able to meet unexpected cash needs. Liquidity planning and management are necessary to ensure the ability to fund operations cost effectively and to meet current and future potential obligations such as loan commitments and unexpected deposit outflows.
Funding sources primarily include customer-based deposits, collateral-backed borrowings, brokered deposits, cash flows from operations, cash flows from the loan and investment portfolios and asset sales, primarily secondary marketing for residential real estate mortgages. Cash flows from operations are a significant component of liquidity risk management and the Company considers both deposit maturities and the scheduled cash flows from loan and investment maturities and payments when managing risk.
Cash and cash equivalents, including interest bearing deposits, totaled $637.1 million at September 30, 2024, compared to $447.2 million at December 31, 2023. Higher cash and cash equivalent balances at September 30, 2024 are consistent with the Company’s strategic balance sheet management.
Deposits are a primary source of liquidity. The stability of this funding source is affected by numerous factors, including returns available to customers on alternative investments, the quality of customer service levels, perception of safety and competitive forces. Total uninsured deposits were estimated to be $4.3 billion at September 30, 2024, representing 36% of overall deposit accounts. This includes public funds under the Florida Qualified Public Depository program, which provides loss protection to depositors beyond FDIC insurance limits. Excluding such balances, the uninsured and uncollateralized deposits were 31% of total deposits at September 30, 2024. The Company has liquidity sources as discussed below, including cash and lines of credit with the FRB and FHLB, that represent 145% of uninsured deposits, and 167% of uninsured and uncollateralized deposits.
In addition to $637.1 million in cash and cash equivalents at September 30, 2024, the Company had $5.7 billion in available borrowing capacity, including $4.1 billion in available collateralized lines of credit, $1.2 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million. The Company may also access funding by acquiring brokered deposits. Brokered deposits at September 30, 2024 totaled $256.5 million, compared to $122.3 million at December 31, 2023.
Contractual maturities for assets and liabilities are reviewed to meet current and expected future liquidity requirements. Sources of liquidity are maintained through a portfolio of high-quality marketable assets, such as residential mortgage loans, debt securities available-for-sale and interest-bearing deposits. The Company is also able to provide short-term financing of its activities by selling, under an agreement to repurchase, United States Treasury and Government agency debt securities not pledged to secure public deposits or trust funds.
The Company has traditionally relied upon dividends from Seacoast Bank and securities offerings to provide funds to pay the Company’s expenses and to service the Company’s debt. During the third quarter of 2024, Seacoast Bank distributed $15.4 million to the Company and, at September 30, 2024, is eligible to distribute dividends to the Company of approximately $172.1 million without prior regulatory approval. At September 30, 2024, the Company had cash and cash equivalents at the parent of approximately $97.4 million, compared to $101.7 million at December 31, 2023.

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Deposits and Borrowings
Customer relationship funding is detailed in the following table for the periods specified:
 September 30,December 31,
(In thousands, except ratios)20242023
Noninterest demand$3,443,455 $3,544,981 
Interest-bearing demand2,487,448 2,790,210 
Money market4,034,371 3,314,288 
Savings524,474 651,454 
Time deposits1,497,301 1,353,655 
Brokered deposits$256,536 $122,347 
Total deposits$12,243,585 $11,776,935 
Securities sold under agreements to repurchase210,176 374,573 
Total customer funding1
$12,197,225 $12,029,161 
Noninterest demand deposits as % of total deposits28 %30 %
1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.
The Company benefits from a diverse and granular deposit base that serves as a significant source of strength. Total deposits increased $466.7 million, or 4.0%, to $12.2 billion at September 30, 2024 compared to December 31, 2023.
Noninterest demand deposits represented 28% and 30% of total deposits at September 30, 2024 and December 31, 2023, respectively. Customer transaction account balances (noninterest demand and interest-bearing demand) represented 49% of total deposits at September 30, 2024, compared to 54% at December 31, 2023.
Customer sweep accounts totaled $210.2 million at September 30, 2024, decreasing $164.4 million, or 44%, from December 31, 2023. Repurchase agreements are offered by Seacoast to select customers who wish to sweep excess balances on a daily basis for investment purposes.
At September 30, 2024 and December 31, 2023, long-term debt included $72.4 million and $72.2 million, respectively, related to trust preferred securities issued by trusts organized or acquired by the Company. At September 30, 2024, the average interest rate in effect on our outstanding subordinated debt related to trust preferred securities was 6.80%, compared to 7.34% at December 31, 2023. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. Under Basel III and FRB rules, qualified trust preferred securities and other restricted capital elements can be included as Tier 1 capital, within limitations. The Company believes that its trust preferred securities qualify under these capital rules.
In 2022, the Company acquired $12.3 million in senior debt through the acquisition of Apollo Bancshares, Inc. Contractual interest is paid on a semiannual basis at a fixed rate of 5.50% until April 30, 2025, at which point the rate converts to a floating rate of 3-month SOFR plus 533 basis points. The debt was recorded at fair value, resulting in a $0.4 million premium that is being amortized into interest expense over the remaining term to maturity.
In 2023, the Company acquired $25.0 million in subordinated debt through the acquisition of Professional that qualifies as Tier 2 Capital. Contractual interest is paid on a semiannual basis at a fixed interest rate of 3.375% until January 30, 2027, at which point the rate converts to a 3-month SOFR rate plus 203 basis points paid quarterly. The debt was recorded at fair value, resulting in a $3.9 million discount that is being accreted into interest expense over the remaining term to maturity.
Federal Home Loan Bank advances totaled $245.0 million at September 30, 2024 with a weighted average interest rate of 4.19%, compared to $50.0 million at December 31, 2023 with an interest rate of 3.23%.

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Off-Balance Sheet Transactions
In the normal course of business, the Company may engage in a variety of financial transactions that, under generally accepted accounting principles, either are not recorded on the balance sheet or are recorded on the balance sheet in amounts that differ from the full contract or notional amounts. These transactions involve varying elements of market, credit and liquidity risk.
Lending commitments include unfunded loan commitments and standby and commercial letters of credit. For loan commitments, the contractual amount of a commitment represents the maximum potential credit risk that could result if the entire commitment had been funded, the borrower had not performed according to the terms of the contract, and no collateral had been provided. A large majority of loan commitments and standby letters of credit expire without being funded, and accordingly, total contractual amounts are not representative of actual future credit exposure or liquidity requirements. Loan commitments and letters of credit expose the Company to credit risk in the event that the customer draws on the commitment and subsequently fails to perform under the terms of the lending agreement.
For commercial customers, loan commitments generally take the form of revolving credit arrangements. For retail customers, loan commitments generally are lines of credit secured by residential property. These instruments are not recorded on the balance sheet until funds are advanced under the commitment. Unfunded commitments to extend credit were $2.8 billion at September 30, 2024 and $2.7 billion at December 31, 2023.
In the normal course of business, the Company and Seacoast Bank enter into agreements, or are subject to regulatory agreements that result in cash, debt and dividend restrictions. A summary of the most restrictive items follows.
Seacoast Bank may be required to maintain reserve balances with the FRB. There was no reserve requirement at September 30, 2024 or December 31, 2023.
Under FRB regulation, Seacoast Bank is limited as to the amount it may loan to its affiliates, including the Company, unless such loans are collateralized by specified obligations. At September 30, 2024, the maximum amount available for transfer from Seacoast Bank to the Company in the form of loans approximated $196.1 million, if the Company has sufficient acceptable collateral. There were no loans made to affiliates during the nine months ended September 30, 2024.
Capital Resources
The Company’s equity capital at September 30, 2024 increased $85.8 million, or 4%, from December 31, 2023 to $2.2 billion. Changes in equity included an increase from net income of $86.9 million, partially offset by the payment of common stock dividends totaling $46.2 million.
The ratio of shareholders’ equity to period end total assets was 14.46% at both September 30, 2024 and December 31, 2023, respectively. The ratio of tangible shareholders’ equity to tangible assets was 9.64% and 9.31% at September 30, 2024 and December 31, 2023, respectively. Changes in the value of HTM securities are not reflected in shareholders’ equity under GAAP; however, illustratively, if all HTM securities were presented at fair value, the tangible common equity ratio would have been 9.11% at September 30, 2024 and 8.68% at December 31, 2023.
Activity in shareholders’ equity for the nine months ended September 30, 2024 and 2023 follows:
(In thousands)20242023
Beginning balance at December 31, 2023 and 2022
$2,108,086 $1,607,775 
Net income86,901 74,490 
Stock based compensation expense10,233 10,290 
Common stock transactions related to stock based employee benefit plans972 4,316 
Issuance of common stock and conversion of options pursuant to acquisition— 421,042 
Repurchase of common stock(880)(45)
Dividends on common stock ($0.54 per share and $0.53 per share, respectively)
(46,170)(45,236)
Change in accumulated other comprehensive income34,708 (24,238)
Ending balance at September 30, 2024 and 2023
$2,193,850 $2,048,394 

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Capital ratios are well above regulatory requirements for well-capitalized institutions. Management’s use of risk-based capital ratios in its analysis of the Company’s capital adequacy are not GAAP financial measures. Seacoast’s management uses these measures to assess the quality of capital and believes that investors may find it useful in their analysis of the Company. The capital measures are not necessarily comparable to similar capital measures that may be presented by other companies and Seacoast does not nor should investors consider such non-GAAP financial measures in isolation from, or as a substitute for GAAP financial information (see “Note 8 – Regulatory Capital”).
September 30, 2024Seacoast
(Consolidated)		Seacoast
Bank
Minimum to be Well- Capitalized1
Total Risk-Based Capital Ratio16.18%15.26%10.00%
Tier 1 Capital Ratio14.7614.058.00
Common Equity Tier 1 Ratio (CET1)14.1014.056.50
Leverage Ratio11.1510.625.00
1For subsidiary bank only.
The Company and Seacoast Bank are subject to various general regulatory policies and requirements relating to the payment of dividends, including requirements to maintain adequate capital above regulatory minimums. The appropriate federal bank regulatory authority may prohibit the payment of dividends where it has determined that the payment of dividends would be an unsafe or unsound practice. The Company is a legal entity separate and distinct from Seacoast Bank and its other subsidiaries, and the Company’s primary source of cash and liquidity, other than securities offerings and borrowings, is dividends from its bank subsidiary. Without Office of the Comptroller of the Currency (“OCC”) approval, Seacoast Bank can pay $172.1 million of dividends to the Company.
The OCC and the Federal Reserve have policies that encourage banks and bank holding companies to pay dividends from current earnings, and have the general authority to limit the dividends paid by national banks and bank holding companies, respectively, if such payment may be deemed to constitute an unsafe or unsound practice. If, in the particular circumstances, either of these federal regulators determined that the payment of dividends would constitute an unsafe or unsound banking practice, either the OCC or the Federal Reserve may, among other things, issue a cease and desist order prohibiting the payment of dividends by Seacoast Bank or us, respectively. The board of directors of a bank holding company must consider different factors to ensure that its dividend level, if any, is prudent relative to the organization’s financial position and is not based on overly optimistic earnings scenarios such as any potential events that may occur before the payment date that could affect its ability to pay, while still maintaining a strong financial position. As a general matter, the FRB has indicated that the board of directors of a bank holding company, such as Seacoast, should consult with the FRB and eliminate, defer, or significantly reduce the bank holding company’s dividends if: (i) its net income available to shareholders for the past four quarters, net of dividends previously paid during that period, is not sufficient to fully fund the dividends; (ii) its prospective rate of earnings retention is not consistent with its capital needs and overall current and prospective financial condition; or (iii) it will not meet, or is in danger of not meeting, its minimum regulatory capital adequacy ratios.
The Company has paid quarterly dividends to the holders of its common stock since the second quarter of 2021. Whether the Company continues to pay quarterly dividends and the amount of any such dividends will be at the discretion of the Company’s Board of Directors and will depend on the Company’s earnings, financial condition, results of operations, business prospects, capital requirements, regulatory restrictions, and other factors that the Board of Directors may deem relevant.
The Company has seven wholly owned trust subsidiaries that have issued trust preferred stock. Trust preferred securities from acquisitions were recorded at fair value when acquired. All trust preferred securities are guaranteed by the Company on a junior subordinated basis. The FRB’s rules permit qualified trust preferred securities and other restricted capital elements to be included under Basel III capital guidelines, with limitations, and net of goodwill and intangibles. The Company believes that its trust preferred securities qualify under these revised regulatory capital rules and believes that it can treat all its trust preferred securities as Tier 1 capital. For regulatory purposes, the trust preferred securities are added to the Company’s tangible common shareholders’ equity to calculate Tier 1 capital.

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Critical Accounting Policies and Estimates
The Company’s critical accounting policies are discussed in the MD&A in Seacoast’s Annual Report on Form 10-K for the year ended December 31, 2023. Significant accounting policies are discussed in “Note 1 – Significant Accounting Policies” in Form 10-K for the year ended December 31, 2023. Disclosures regarding the effects of new accounting pronouncements are included in “Note 1 – Basis of Presentation” in this report. There have been no changes to the Company’s critical accounting policies during 2024.

Interest Rate Sensitivity
Fluctuations in interest rates may result in changes in the fair value of the Company’s financial instruments, cash flows and net interest income. This risk is managed using simulation modeling to calculate the most likely interest rate risk utilizing estimated loan and deposit growth. The objective is to optimize the Company’s financial position, liquidity, and net interest income while limiting volatility.
Senior management regularly reviews the overall interest rate risk position and evaluates strategies to manage the risk. The Company's Asset and Liability Management Committee (“ALCO”) uses simulation analysis to monitor changes in net interest income due to changes in market interest rates. The simulation of rising, declining and flat interest rate scenarios allows management to monitor and adjust interest rate sensitivity to assess the impact of market interest rate swings. The analysis of the impact on net interest income over a twelve-month period is subjected to instantaneous changes in market rates and is monitored at least quarterly.
The following table presents the ALCO simulation model’s projected impact of a change in interest rates on the projected baseline net interest income for the 12 and 24 month periods beginning October 1, 2024, holding all balances on the balance sheet static. It is important to note that the results in the table below assume parallel shifts in the yield curve and do not take into account changes in the slope of the yield curve nor changes in balance sheet size or mix.

% Change in Projected Baseline
Net Interest Income
September 30, 2024
Change in Interest Rates1-12 months13-24 months
+2.00%(9.9)%(8.4)%
+1.00%(4.2)%(3.3)%
Current—%—%
-1.00%0.2%(1.6%)
-2.00%0.8%(3.5%)
The computations of interest rate risk do not necessarily include certain actions management may undertake to manage this risk in response to changes in interest rates. Management may adjust asset or liability pricing or structure in order to manage interest rate risk through an interest rate cycle. This may include the use of investment portfolio purchases or sales or the use of derivative financial instruments, such as interest rate swaps, options, caps, floors, futures or forward contracts.

Effects of Inflation and Changing Prices
The condensed consolidated financial statements and related financial data presented herein have been prepared in accordance with U.S. GAAP, which require the measurement of financial position and operating results in terms of historical dollars, without considering changes in the relative purchasing power of money, over time, due to inflation.
Unlike most industrial companies, virtually all of the assets and liabilities of a financial institution are monetary in nature. As a result, interest rates have a more significant impact on a financial institution’s performance than the general level of inflation. However, inflation affects financial institutions by increasing their cost of goods and services purchased, as well as the cost of salaries and benefits, occupancy expense, and similar items. Inflation and related increases in interest rates generally decrease the market value of investments and loans held and may adversely affect liquidity, earnings, and shareholders’ equity. Mortgage origination and refinancing tends to slow as interest rates increase, and higher interest rates likely will reduce the Company’s earnings from such activities and the income from the sale of residential mortgage loans in the secondary market.
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Item 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
See also Management’s discussion and analysis “Interest Rate Sensitivity.”
Market risk refers to potential losses arising from changes in interest rates, and other relevant market rates or prices.
Interest rate risk, defined as the exposure of net interest income and Economic Value of Equity (“EVE”) to adverse movements in interest rates, is the Company’s primary market risk, and mainly arises from the structure of the balance sheet (non-trading activities). The Company is also exposed to market risk in its investing activities. The ALCO meets regularly and is responsible for reviewing the interest rate sensitivity position of the Company and establishing policies to monitor and limit exposure to interest rate risk. The policies established by the ALCO are reviewed and approved by the Company’s board of directors. The primary goal of interest rate risk management is to control exposure to interest rate risk, within policy limits approved by the board of directors. These limits reflect the Company’s tolerance for interest rate risk over short-term and long-term horizons.
The Company also performs valuation analyses, which are used for evaluating levels of risk present in the balance sheet that might not be taken into account in the net interest income simulation analyses. Whereas net interest income simulation highlights exposures over a relatively short time horizon, valuation analysis incorporates all cash flows over the estimated remaining life of all balance sheet positions. The valuation of the balance sheet, at a point in time, is defined as the discounted present value of asset cash flows minus the discounted value of liability cash flows, the net result of which is the EVE. The sensitivity of EVE to changes in the level of interest rates is a measure of the longer-term re-pricing risks and options risks embedded in the balance sheet. In contrast to the net interest income simulation, which assumes interest rates will change over a period of time, EVE uses instantaneous changes in rates.
EVE values only the current balance sheet, and does not incorporate the growth assumptions that are used in the net interest income simulation model. As with the net interest income simulation model, assumptions about the timing and variability of balance sheet cash flows are critical in the EVE analysis. Particularly important are the assumptions driving prepayments and the expected changes in balances and pricing of the indeterminate life deposit portfolios. Core deposits are a more significant funding source for the Company, making the lives attached to core deposits more important to the accuracy of our modeling of EVE. The Company periodically reassesses its assumptions regarding the indeterminate lives of core deposits utilizing an independent third-party resource to assist.
The following table presents the projected impact of a change in interest rates on the balance sheet. This change in interest rates assumes parallel shifts in the yield curve and does not take into account changes in the slope of the yield curve.
Change in Interest Rates% Change in
Economic Value of
Equity
+2.00%(14.3)%
+1.00%(6.6)%
Current—%
-1.00%5.9%
-2.00%8.3%
While an instantaneous and severe shift in interest rates is used in this analysis, a gradual shift in interest rates would have a much more modest impact. Since EVE measures the discounted present value of cash flows over the estimated lives of instruments, the change in EVE does not directly correlate to the degree that earnings would be impacted over a shorter time horizon, i.e., the next fiscal year. Further, EVE does not consider factors such as future balance sheet growth, changes in product mix, change in yield curve relationships, and changing product spreads that could mitigate the adverse impact of changes in interest rates.


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Item 4. CONTROLS AND PROCEDURES
The Company’s management, with the participation of its chief executive officer and chief financial officer, has evaluated the effectiveness of the Company’s disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) as of September 30, 2024 and concluded that those disclosure controls and procedures are effective.
During the quarter ended September 30, 2024, there have been no changes in internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, internal control over financial reporting.

Part II OTHER INFORMATION

Item 1. Legal Proceedings
The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial position, or operating results or cash flows.
Item 1A. Risk Factors
In addition to the other information set forth in this report, you should consider the factors discussed in “Part I, Item 1A. Risk Factors” in our report on Form 10-K for the year ended December 31, 2023, which could materially affect our business, financial condition and prospective results. The risks described in this report, in our Form 10-K or our other SEC filings are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. There have been no material changes with respect to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2023.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

During the three months ended September 30, 2024, the Company repurchased shares of its common stock as indicated in the following table:
Period
Total
Number of
Shares
Purchased1
Average Price
Paid Per Share		Total Number of
Shares Purchased
as part of Public
Announced Plan		Maximum
Value of
Shares that May
Yet be Purchased
Under the Plan
(in thousands)
7/1/24 to 7/31/244,888 $23.40 — $99,120 
8/1/24 to 8/31/24— — — 99,120 
9/1/24 to 9/30/24— — — 99,120 
Total - 3rd Quarter4,888 $23.40 — $99,120 
1Includes shares that were repurchased to pay for the exercise of stock options or for income taxes owed on vesting shares of restricted stock. These shares were not purchased under the Company’s stock repurchase plan to repurchase shares.
On December 15, 2023, the Company’s Board of Directors authorized the renewal of the Company’s share repurchase program, under which the Company may, from time to time, purchase up to $100 million of its shares of outstanding common stock. Under the share repurchase program, which will expire on December 31, 2024, repurchases will be made, if at all, in accordance with applicable securities laws and may be made from time to time in the open market, by block purchase or by negotiated transactions. The amount and timing of repurchases, if any, will be based on a variety of factors, including share acquisition price, regulatory limitations, market conditions and other factors. The program does not obligate the Company to purchase any of its shares, and may be terminated or amended by the Board of Directors at any time prior to its expiration date.
No shares of the Company’s common stock were repurchased under the program during the three months ended September 30, 2024.
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Item 3. Defaults upon Senior Securities
None.
Item 4. Mine Safety Disclosures
None.
Item 5. Other Information
Trading arrangements
There were no Rule 10b5-1 or non-Rule 10b5-1 trading arrangements adopted, modified or terminated by any director or officer of the Company during the three months ended September 30, 2024.
Item 6. Exhibits
 
Exhibit 3.1.1 Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Quarterly Report on Form 10-Q, filed May 10, 2006.
  
 
Exhibit 3.1.2 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 23, 2008.
  
 
Exhibit 3.1.3 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.4 to the Company’s Form S-1, filed June 22, 2009.
  
 
Exhibit 3.1.4 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed July 20, 2009.
  
 
Exhibit 3.1.5 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 3, 2009.
  
 
Exhibit 3.1.6 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K/A, filed July 14, 2010.
  
 
Exhibit 3.1.7 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 25, 2010.
  
 
Exhibit 3.1.8 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed June 1, 2011.
  
 
Exhibit 3.1.9 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed December 13, 2013.
  
Exhibit 3.1.10 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8K, filed May 30, 2018.
Exhibit 3.1.11 Articles of Amendment to the Amended and Restated Articles of Incorporation Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8K, filed May 23, 2023.
 
Exhibit 3.2 Amended and Restated By-laws of the Company Incorporated herein by reference from Exhibit 3.1 to the Company’s Form 8-K, filed October 26, 2020.
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 Exhibit 31.1
 Exhibit 31.2
 Exhibit 32.1
 Exhibit 32.2
 Exhibit 101
The following materials from Seacoast Banking Corporation of Florida’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024 formatted in Inline XBRL: (i) the Consolidated Statements of Income, (ii) the Consolidated Statements of Comprehensive Income, (iii) the Consolidated Balance Sheets, (iv) the Consolidated Statements of Cash Flows, (v) the Consolidated Statements of Shareholders’ Equity and (vi) the Notes to the Consolidated Financial Statements, tagged as blocks of text and including detailed tags.
Exhibit 104
The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, formatted in Inline XBRL.
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 SEACOAST BANKING CORPORATION OF FLORIDA
 
November 6, 2024/s/ Charles M. Shaffer
 Charles M. Shaffer
 Chairman and Chief Executive Officer
 
November 6, 2024/s/ Tracey L. Dexter
 Tracey L. Dexter
 Executive Vice President and Chief Financial Officer
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