10-Q 1 sbcf-20240331.htm 10-Q sbcf-20240331
false2024Q1000073070812/31246xbrli:sharesiso4217:USDiso4217:USDxbrli:sharessbcf:securityxbrli:puresbcf:branch00007307082024-01-012024-03-3100007307082024-03-3100007307082023-01-012023-03-3100007307082023-12-3100007307082022-12-3100007307082023-03-310000730708us-gaap:CommonStockMember2023-12-310000730708us-gaap:AdditionalPaidInCapitalMember2023-12-310000730708us-gaap:RetainedEarningsMember2023-12-310000730708us-gaap:TreasuryStockCommonMember2023-12-310000730708us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-12-310000730708us-gaap:RetainedEarningsMember2024-01-012024-03-310000730708us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-01-012024-03-310000730708us-gaap:AdditionalPaidInCapitalMember2024-01-012024-03-310000730708us-gaap:CommonStockMember2024-01-012024-03-310000730708us-gaap:TreasuryStockCommonMember2024-01-012024-03-310000730708us-gaap:CommonStockMember2024-03-310000730708us-gaap:AdditionalPaidInCapitalMember2024-03-310000730708us-gaap:RetainedEarningsMember2024-03-310000730708us-gaap:TreasuryStockCommonMember2024-03-310000730708us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-03-310000730708us-gaap:CommonStockMember2022-12-310000730708us-gaap:AdditionalPaidInCapitalMember2022-12-310000730708us-gaap:RetainedEarningsMember2022-12-310000730708us-gaap:TreasuryStockCommonMember2022-12-310000730708us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000730708us-gaap:RetainedEarningsMember2023-01-012023-03-310000730708us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000730708us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000730708us-gaap:CommonStockMember2023-01-012023-03-310000730708us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000730708us-gaap:CommonStockMember2023-03-310000730708us-gaap:AdditionalPaidInCapitalMember2023-03-310000730708us-gaap:RetainedEarningsMember2023-03-310000730708us-gaap:TreasuryStockCommonMember2023-03-310000730708us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000730708us-gaap:USTreasuryAndGovernmentMember2024-03-310000730708us-gaap:ResidentialMortgageBackedSecuritiesMember2024-03-310000730708us-gaap:CommercialMortgageBackedSecuritiesMember2024-03-310000730708us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2024-03-310000730708us-gaap:CollateralizedLoanObligationsMember2024-03-310000730708us-gaap:USStatesAndPoliticalSubdivisionsMember2024-03-310000730708us-gaap:OtherDebtSecuritiesMember2024-03-310000730708us-gaap:USTreasuryAndGovernmentMember2023-12-310000730708us-gaap:ResidentialMortgageBackedSecuritiesMember2023-12-310000730708us-gaap:CommercialMortgageBackedSecuritiesMember2023-12-310000730708us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2023-12-310000730708us-gaap:CollateralizedLoanObligationsMember2023-12-310000730708us-gaap:USStatesAndPoliticalSubdivisionsMember2023-12-310000730708us-gaap:OtherDebtSecuritiesMember2023-12-310000730708sbcf:ProfessionalHoldingCorpMember2023-01-012023-03-310000730708us-gaap:OtherDebtSecuritiesMember2023-01-012023-03-310000730708sbcf:CRAQualifiedDebtSecuritiesMember2024-01-012024-03-310000730708sbcf:CRAQualifiedDebtSecuritiesMember2023-01-012023-03-310000730708us-gaap:AssetPledgedAsCollateralMember2024-03-310000730708us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2024-03-310000730708srt:StandardPoorsAAARatingMemberus-gaap:CollateralizedLoanObligationsMember2024-03-310000730708us-gaap:CollateralizedLoanObligationsMembersrt:StandardPoorsAARatingMember2024-03-310000730708sbcf:CRAQualifiedDebtSecuritiesMember2024-03-310000730708sbcf:CRAQualifiedDebtSecuritiesMember2023-12-310000730708sbcf:VisaMemberus-gaap:CommonClassBMember2023-12-310000730708sbcf:VisaMemberus-gaap:CommonClassBMember2024-01-012024-03-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:LoansMember2024-01-012024-03-310000730708us-gaap:LoansMember2024-03-310000730708us-gaap:LoansMember2023-01-012023-12-310000730708us-gaap:LoansMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMember2024-03-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:PortfolioLoansMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708sbcf:PortfolioLoansMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancialAssetNotPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:FinancialAssetAcquiredWithCreditDeteriorationMember2023-12-310000730708us-gaap:FinancialAssetNotPastDueMember2023-12-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMember2023-12-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMember2023-12-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:PassMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310000730708us-gaap:SubstandardMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:DoubtfulMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2024-01-012024-03-310000730708us-gaap:PassMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:SpecialMentionMember2024-03-310000730708us-gaap:SubstandardMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708us-gaap:DoubtfulMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-01-012024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:PassMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:SpecialMentionMember2024-03-310000730708us-gaap:SubstandardMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:DoubtfulMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-01-012024-03-310000730708us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:SubstandardMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:DoubtfulMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2024-03-310000730708us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMember2024-01-012024-03-310000730708us-gaap:PassMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:SubstandardMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:DoubtfulMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:PassMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310000730708us-gaap:SubstandardMembersbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMemberus-gaap:DoubtfulMember2023-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-01-012023-12-310000730708us-gaap:PassMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-12-310000730708us-gaap:SubstandardMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708us-gaap:DoubtfulMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-01-012023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:PassMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:SpecialMentionMember2023-12-310000730708us-gaap:SubstandardMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:DoubtfulMember2023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-01-012023-12-310000730708us-gaap:PassMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:SpecialMentionMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:SubstandardMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:DoubtfulMemberus-gaap:ResidentialPortfolioSegmentMember2023-12-310000730708us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-12-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:PassMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:SpecialMentionMember2023-12-310000730708us-gaap:SubstandardMemberus-gaap:CommercialPortfolioSegmentMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:DoubtfulMember2023-12-310000730708us-gaap:CommercialPortfolioSegmentMember2023-01-012023-12-310000730708us-gaap:PassMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:SpecialMentionMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:SubstandardMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:DoubtfulMemberus-gaap:ConsumerPortfolioSegmentMember2023-12-310000730708us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-12-3100007307082023-01-012023-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMembersbcf:ExtendedMaturityAndPaymentDeferralMember2024-01-012024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMembersbcf:ExtendedMaturityAndPaymentDeferralMember2024-01-012024-03-310000730708us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-310000730708sbcf:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ResidentialPortfolioSegmentMember2024-01-012024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-03-310000730708us-gaap:CommercialPortfolioSegmentMembersbcf:ExtendedMaturityAndPaymentDeferralMember2024-01-012024-03-310000730708us-gaap:ExtendedMaturityAndInterestRateReductionMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000730708sbcf:ExtendedMaturityAndPaymentDeferralMemberus-gaap:ConsumerPortfolioSegmentMember2024-01-012024-03-310000730708us-gaap:ExtendedMaturityAndInterestRateReductionMember2024-01-012024-03-310000730708sbcf:ExtendedMaturityAndPaymentDeferralMember2024-01-012024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMembersbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMembersbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ResidentialPortfolioSegmentMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:CommercialPortfolioSegmentMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables30To59DaysPastDueMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivables60To89DaysPastDueMember2024-03-310000730708us-gaap:CommercialPortfolioSegmentMemberus-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember2024-03-310000730708us-gaap:FinancialAssetNotPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancingReceivables30To59DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancingReceivables60To89DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMemberus-gaap:ConsumerPortfolioSegmentMember2024-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2022-12-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-01-012023-03-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMember2023-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2022-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-01-012023-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMember2023-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2022-12-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-01-012023-03-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMember2023-03-310000730708us-gaap:ResidentialPortfolioSegmentMember2022-12-310000730708us-gaap:ResidentialPortfolioSegmentMember2023-01-012023-03-310000730708us-gaap:ResidentialPortfolioSegmentMember2023-03-310000730708us-gaap:CommercialPortfolioSegmentMember2022-12-310000730708us-gaap:CommercialPortfolioSegmentMember2023-01-012023-03-310000730708us-gaap:CommercialPortfolioSegmentMember2023-03-310000730708us-gaap:ConsumerPortfolioSegmentMember2022-12-310000730708us-gaap:ConsumerPortfolioSegmentMember2023-01-012023-03-310000730708us-gaap:ConsumerPortfolioSegmentMember2023-03-310000730708sbcf:SecuritiesInterestRateSwapMember2024-01-012024-03-310000730708sbcf:ResidentialMortgageInterestRateSwapMember2024-01-012024-03-310000730708us-gaap:InterestRateSwapMembersbcf:OtherAssetsAndOtherLiabilitiesMember2024-03-310000730708sbcf:SecuritiesInterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:OtherAssetsMember2024-03-310000730708us-gaap:FairValueHedgingMembersbcf:ResidentialMortgageInterestRateSwapMemberus-gaap:OtherAssetsMember2024-03-310000730708us-gaap:InterestRateSwapMembersbcf:OtherAssetsAndOtherLiabilitiesMember2023-12-310000730708sbcf:SecuritiesInterestRateSwapMemberus-gaap:FairValueHedgingMemberus-gaap:OtherAssetsMember2023-12-310000730708us-gaap:OtherLiabilitiesMemberus-gaap:FairValueHedgingMembersbcf:ResidentialMortgageInterestRateSwapMember2023-12-310000730708sbcf:BackToBackSwapsRiskParticipationAgreementsMember2023-12-310000730708sbcf:BackToBackSwapsRiskParticipationAgreementsMember2024-03-310000730708us-gaap:DebtSecuritiesMember2024-03-310000730708us-gaap:DebtSecuritiesMember2023-12-310000730708us-gaap:LoansReceivableMember2024-03-310000730708us-gaap:LoansReceivableMember2023-12-310000730708us-gaap:AssetPledgedAsCollateralMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMembersbcf:RepurchaseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2024-03-310000730708us-gaap:AssetPledgedAsCollateralMemberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMembersbcf:RepurchaseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMember2023-12-310000730708us-gaap:FairValueMeasurementsRecurringMember2024-03-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000730708us-gaap:FairValueMeasurementsNonrecurringMember2024-03-310000730708us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2024-03-310000730708us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2024-03-310000730708us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2024-03-310000730708us-gaap:FairValueMeasurementsRecurringMember2023-12-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000730708us-gaap:FairValueMeasurementsNonrecurringMember2023-12-310000730708us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel1Member2023-12-310000730708us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel2Member2023-12-310000730708us-gaap:FairValueMeasurementsNonrecurringMemberus-gaap:FairValueInputsLevel3Member2023-12-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000730708us-gaap:CarryingReportedAmountFairValueDisclosureMember2024-03-310000730708us-gaap:FairValueInputsLevel1Member2024-03-310000730708us-gaap:FairValueInputsLevel2Member2024-03-310000730708us-gaap:FairValueInputsLevel3Member2024-03-310000730708us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000730708us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-12-310000730708us-gaap:FairValueInputsLevel1Member2023-12-310000730708us-gaap:FairValueInputsLevel2Member2023-12-310000730708us-gaap:FairValueInputsLevel3Member2023-12-310000730708sbcf:ProfessionalHoldingCorpMember2023-01-312023-01-310000730708sbcf:ProfessionalHoldingCorpMember2023-01-310000730708srt:ScenarioPreviouslyReportedMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708sbcf:ConstructionAndLandDevelopmentPortfolioSegmentMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708sbcf:CommercialRealEstatePortfolioSegmentOwnerOccupiedMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708sbcf:CommercialRealEstatePortfolioSegmentNonOwnerOccupiedMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708us-gaap:ResidentialPortfolioSegmentMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708us-gaap:CommercialPortfolioSegmentMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708us-gaap:ConsumerPortfolioSegmentMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708sbcf:CoronavirusAidReliefAndEconomicSecurityActPaycheckProtectionProgramLoanMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708us-gaap:FinancialAssetAcquiredWithCreditDeteriorationMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708us-gaap:FinancialAssetAcquiredAndNoCreditDeteriorationMembersbcf:ProfessionalHoldingCorpMember2023-01-310000730708sbcf:DennisS.HudsonIIIMember2024-01-012024-03-310000730708sbcf:DennisS.HudsonIIIMember2024-03-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2024
OR

 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _______________ to __________________.
Commission File No. 0-13660
 
Seacoast Banking Corporation of Florida
(Exact Name of Registrant as Specified in its Charter)
 
Florida 59-2260678
(State or Other Jurisdiction of
Incorporation or Organization)
 (I.R.S. Employer
Identification No.)
815 COLORADO AVENUE,STUARTFL 34994
(Address of Principal Executive Offices) (Zip Code)
(772) 287-4000
(Registrant’s Telephone Number, Including Area Code)
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockSBCFNasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer
Smaller reporting company
Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes No

Common Stock, $0.10 Par Value – 84,935,054 shares as of March 31, 2024



INDEX
 SEACOAST BANKING CORPORATION OF FLORIDA
  
   
   
 
   
 
Consolidated balance sheets - March 31, 2024 and December 31, 2023
 
Consolidated statements of cash flows – Three months ended March 31, 2024 and 2023
   
 
   
   
   
   
 
   
   
   
   
   
   
   
   

2

Part I. FINANCIAL INFORMATION
Item 1. Financial Statements

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (Unaudited)

Three Months Ended March 31,
(In thousands, except per share data)20242023
Interest and fees on loans$147,095 $135,168 
Interest and dividends on securities22,427 19,349 
Interest on interest bearing deposits and other investments6,184 3,474 
Total Interest Income175,706 157,991 
Interest on deposits47,534 16,033 
Interest on time certificates17,121 5,552 
Interest on borrowed money5,973 5,254 
Total Interest Expense70,628 26,839 
Net Interest Income105,078 131,152 
Provision for credit losses1,368 31,598 
Net Interest Income after Provision for Credit Losses103,710 99,554 
Noninterest income:
Service charges on deposit accounts4,960 4,242 
Interchange income1,888 4,694 
Wealth management income3,540 3,063 
Mortgage banking fees381 426 
Insurance agency income1,291 1,101 
SBA gains739 322 
BOLI income2,264 1,916 
Other5,205 6,574 
20,268 22,338 
Securities gains, net229 107 
Total Noninterest Income20,497 22,445 
Noninterest Expense:
Salaries and wages40,304 47,616 
Employee benefits7,889 8,562 
Outsourced data processing costs12,118 14,553 
Occupancy8,037 8,019 
Furniture and equipment2,011 2,267 
Marketing2,655 2,238 
Legal and professional fees2,151 7,479 
FDIC assessments2,158 1,443 
Amortization of intangibles6,292 6,727 
Other real estate owned expense and net (gain) loss on sale(26)195 
3

Provision for credit losses on unfunded commitments250 1,239 
Other6,532 7,137 
Total Noninterest Expense90,371 107,475 
Income Before Income Taxes33,836 14,524 
Provision for income taxes7,830 2,697 
Net Income$26,006 $11,827 
Share Data
Net income per share of common stock
Diluted$0.31 $0.15 
Basic0.31 0.15 
Average common shares outstanding
Diluted85,270 80,717 
Basic84,908 80,151 

See notes to unaudited consolidated financial statements.
 


4

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(In thousands)Three Months Ended March 31,
20242023
Net Income$26,006 $11,827 
Other comprehensive income (loss):
Unrealized (losses) gains on available-for-sale securities, net of tax benefit of $1.6 million and tax expense of $5.9 million for the three months ended March 31, 2024 and March 31, 2023, respectively
$(7,916)$18,516 
Amortization of unrealized gains on securities transferred to held-to-maturity, net of tax benefit of $3 thousand for each of the three months ended March 31, 2024 and March 31, 2023
(11)(10)
Reclassification adjustment for losses (gains) included in net income, net of tax benefit of $1.0 million and tax expense of $1 thousand for the three months ended March 31, 2024 and March 31, 2023, respectively
2,806 (4)
Unrealized gains on derivatives designated as fair value hedges, net of reclassifications to income, net of tax expense of $0.4 million for the three months ended March 31, 2024
1,043  
Unrealized gains on derivatives designated as cash flow hedges, net of reclassifications to income, net of tax expense of $33 thousand for the three months ended March 31, 2023
 98 
Total other comprehensive (loss) income $(4,078)$18,600 
Comprehensive Income$21,928 $30,427 
See notes to unaudited consolidated financial statements.

 


5

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
March 31,December 31,
(In thousands, except share data)20242023
Assets  
Cash and due from banks$137,850 $167,511 
Interest bearing deposits with other banks544,874 279,671 
Total cash and cash equivalents682,724 447,182 
Time deposits with other banks7,856 5,857 
Debt securities:
Securities available-for-sale (at fair value)1,949,463 1,836,020 
Securities held-to-maturity (fair value $540.2 million at March 31, 2024 and $558.4 million at December 31, 2023)
669,896 680,313 
Total debt securities2,619,359 2,516,333 
Loans held for sale (at fair value)9,475 4,391 
Loans9,978,052 10,062,940 
Less: Allowance for credit losses(146,669)(148,931)
Loans, net of allowance for credit losses9,831,383 9,914,009 
Bank premises and equipment, net110,787 113,304 
Other real estate owned7,315 7,560 
Goodwill732,417 732,417 
Other intangible assets, net89,377 95,645 
Bank owned life insurance301,229 298,974 
Net deferred tax assets111,539 113,232 
Other assets326,554 331,345 
Total Assets$14,830,015 $14,580,249 
Liabilities
Deposits$12,015,840 $11,776,935 
Securities sold under agreements to repurchase, maturing within 30 days326,732 374,573 
Federal Home Loan Bank (“FHLB”) borrowings
110,000 50,000 
Long-term debt, net106,468 106,302 
Other liabilities153,225 164,353 
Total Liabilities12,712,265 12,472,163 
Shareholders’ Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 85,555,007 and outstanding 84,935,054 at March 31, 2024, and authorized 120,000,000, issued 85,480,183 and outstanding 84,861,498 shares at December 31, 2023
8,494 8,486 
Additional paid-in-capital1,811,941 1,808,883 
Retained earnings478,017 467,305 
Less: Treasury stock(16,746)(16,710)
2,281,706 2,267,964 
Accumulated other comprehensive loss, net(163,956)(159,878)
Total Shareholders’ Equity
2,117,750 2,108,086 
Total Liabilities and Shareholders’ Equity
$14,830,015 $14,580,249 
See notes to unaudited consolidated financial statements.
6

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
 
Three Months Ended March 31,
(In thousands)20242023
Cash Flows from Operating Activities  
Net income$26,006 $11,827 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation2,110 2,066 
Accretion of discounts on securities, net(634)(44)
Amortization of operating lease right-of-use assets2,044 1,863 
Other amortization and accretion, net232 (6,636)
Stock based compensation2,217 2,642 
Origination of loans designated for sale(31,264)(27,576)
Sale of loans designated for sale27,199 28,749 
Provision for credit losses1,368 31,598 
Deferred income taxes4,299 (17,952)
Gains on sale of securities(229)(5)
Gains on sale of loans(934)(860)
Gains on sale and write-downs of other real estate owned(26) 
Losses on disposition of fixed assets and write-downs upon transfer of bank premises to other real estate owned286 1,154 
Changes in operating assets and liabilities, net of effects from acquired companies:
Net decrease in other assets3,127 22,516 
Net decrease in other liabilities(11,129)(36,297)
Net cash provided by operating activities$24,672 $13,045 
Cash Flows from Investing Activities
Maturities and repayments of debt securities available-for-sale50,888 36,850 
Maturities and repayments of debt securities held-to-maturity10,441 11,829 
Proceeds from sale of debt securities available-for-sale86,829 30,490 
Purchases of debt securities available-for-sale(260,992)(22,402)
Maturities of time deposits with other banks989  
Purchases of time deposits with other banks(2,988) 
Net new loans and principal repayments87,371 25,883 
Proceeds from sale of other real estate owned1,243  
Proceeds from sale of FHLB and Federal Reserve Bank Stock2,483 28,848 
Purchase of FHLB and Federal Reserve Bank Stock(5,320)(54,642)
Proceeds from sale of Visa Class B shares4,104  
Net cash from bank acquisitions 141,674 
Additions to bank premises and equipment(762)(5,812)
Net cash (used in) provided by investing activities$(25,714)$192,718 

 See notes to unaudited consolidated financial statements.

 
7

SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
Three Months Ended March 31,
(In thousands)20242023
Cash Flows from Financing Activities  
Net increase in deposits$238,906 $208,765 
Net (decrease) increase in repurchase agreements(47,841)95,577 
Repayments of FHLB borrowings (50,000) 
Proceeds from FHLB borrowings 110,000 90,000 
Stock based employee benefit plans813 3,617 
Dividends paid(15,294)(14,419)
Net cash provided by financing activities$236,584 $383,540 
Net increase in cash and cash equivalents235,542 589,303 
Cash and cash equivalents at beginning of period447,182 201,940 
Cash and cash equivalents at end of period$682,724 $791,243 
Supplemental disclosure of cash flow information:
Cash paid during the period for interest$70,378 $23,457 
Cash paid during the period for taxes 6 
Recognition of operating lease right-of-use assets, other than through bank acquisitions, net of terminations 1,610 
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations 1,610 
Supplemental disclosure of non-cash investing activities: 1
Transfers from loans to other real estate owned89  
Transfers from bank premises to other real estate owned883 5,455 
1See "Note 11 - Business Combinations" for non cash transactions related to business combinations.

See notes to unaudited consolidated financial statements.
 
8

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 December 31, 202384,861 $8,486 $1,808,883 $467,305 $(16,710)$(159,878)$2,108,086 
Comprehensive income (loss)— — — 26,006 — (4,078)21,928 
Stock based compensation expense— 2,217 — — — 2,217 
Common stock transactions related to stock based employee benefit plans74 8 841 — (36)— 813 
Dividends on common stock ($0.18 per share)
— — — (15,294)— — (15,294)
Three months ended March 31, 202474 8 3,058 10,712 (36)(4,078)9,664 
Balance at March 31, 2024
84,935 $8,494 $1,811,941 $478,017 $(16,746)$(163,956)$2,117,750 

 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— — — 11,827 — 18,600 30,427 
Stock based compensation expense— — 2,642 — — — 2,642
Common stock transactions related to stock based employee benefit plans199 20 3,691 — (94)— 3,617 
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 ($0.17 per share)
— — — (14,419)— — (14,419)
Three months ended March 31, 202312,991 1,299 426,096 (2,592)(94)18,600 443,309 
Balance at March 31, 2023
84,609 $8,461 $1,803,898 $421,271 $(13,113)$(169,433)$2,051,084 
See notes to unaudited consolidated financial statements.
9

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 months ended March 31, 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.

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
10

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 months ended March 31, 2024, 327,006 options to purchase shares of the Company’s common stock were anti-dilutive. For the three months ended March 31, 2023, 161,251 options to purchase shares of the Company’s common stock were anti-dilutive.
Three Months Ended March 31,
(Dollars in thousands, except per share data)20242023
Basic earnings per share
Net income$26,006 $11,827 
Average common shares outstanding84,908 80,151 
Net income per share$0.31 $0.15 
Diluted earnings per share
Net income$26,006 $11,827 
Average common shares outstanding84,908 80,151 
Add: Dilutive effect of employee restricted stock and stock options362 566 
Average diluted shares outstanding85,270 80,717 
Net income per share$0.31 $0.15 

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 March 31, 2024 and December 31, 2023 are summarized as follows:
 March 31, 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$34,245 $113 $(530)$33,828 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities1,360,816 1,159 (193,157)1,168,818 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities316,950 1,577 (17,972)300,555 
Private mortgage-backed securities and collateralized mortgage obligations136,585 66 (10,500)126,151 
Collateralized loan obligations284,677 61 (111)284,627 
Obligations of state and political subdivisions10,475  (1,313)9,162 
Other debt securities25,681 655 (14)26,322 
Totals$2,169,429 $3,631 $(223,597)$1,949,463 
Held-to-Maturity Debt Securities
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities$580,626 $ $(118,761)$461,865 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,270  (10,975)78,295 
Totals$669,896 $ $(129,736)$540,160 
11

 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 March 31, 2024, debt securities with a fair value of $86.8 million were sold, with gross losses of $3.8 million. During the three months ended March 31, 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 three months ended March 31, 2023, with gross gains of $24 thousand and gross losses of $19 thousand. Included in “Securities gains, net” is a decrease of $0.1 million for the three months ended March 31, 2024, and an increase of $0.1 million for the three months ended March 31, 2023, in the value of investments in mutual funds that invest in Community Reinvestment Act (“CRA”)-qualified debt securities.
At March 31, 2024, debt securities with a fair value of $1.6 billion were pledged primarily as collateral for public deposits and secured borrowings.
The amortized cost and fair value of securities as of March 31, 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.
12

 Held-to-MaturityAvailable-for-Sale
(In thousands)Amortized
Cost
Fair
Value
Amortized
Cost
Fair
Value
Due in less than one year$ $ $4,429 $4,421 
Due after one year through five years  4,200 4,184 
Due after five years through ten years  8,599 8,484 
Due after ten years  27,492 25,901 
   44,720 42,990 
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities580,626 461,865 1,360,816 1,168,818 
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities89,270 78,295 316,950 300,555 
Private mortgage-backed securities and collateralized mortgage obligations  136,585 126,151 
Collateralized loan obligations  284,677 284,627 
Other debt securities  25,681 26,322 
Totals$669,896 $540,160 $2,169,429 $1,949,463 
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.
 March 31, 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$12,911 $(75)$13,135 $(455)$26,046 $(530)
Residential mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities148,889 (2,159)836,928 (190,998)985,817 (193,157)
Commercial mortgage-backed securities and collateralized mortgage obligations of U.S. government-sponsored entities17,741 (125)209,223 (17,847)226,964 (17,972)
Private mortgage-backed securities and collateralized mortgage obligations2,599 (28)113,381 (10,472)115,980 (10,500)
Collateralized loan obligations27,408 (17)80,389 (94)107,797 (111)
Obligations of state and political subdivisions323 (7)5,679 (1,306)6,002 (1,313)
Other debt securities  3,138 (14)3,138 (14)
Totals$209,871 $(2,411)$1,261,873 $(221,186)$1,471,744 $(223,597)
1Comprised of 397 individual securities.
13

 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 March 31, 2024, the Company had unrealized losses of $0.5 million on U.S. Treasury securities and obligations of U.S. government agencies having a fair value of $26.0 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, on March 31, 2024, no allowance for credit losses has been recorded.
At March 31, 2024, the Company had unrealized losses of $211.1 million on commercial and residential mortgage-backed securities and collateralized mortgage obligations issued by government-sponsored entities having a fair value of $1.2 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 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, on March 31, 2024, no allowance for credit losses has been recorded.
At March 31, 2024, the Company had $10.5 million of unrealized losses on private label residential and commercial mortgage-backed securities and collateralized mortgage obligations having a fair value of $116.0 million. The securities have a weighted average credit support of 23%. 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 March 31, 2024, no allowance for credit losses has been recorded.
At March 31, 2024, the Company had $0.1 million of unrealized losses in floating rate collateralized loan obligations (“CLOs”) having a fair value of $107.8 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 March 31, 2024, all positions held by the Company are in AAA and AA tranches, with weighted average credit support of 41% and 28%, 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 March 31, 2024, no allowance for credit losses has been recorded.
14

At March 31, 2024, the Company had $1.3 million of unrealized losses on municipal securities having a fair value of $6.0 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 March 31, 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 March 31, 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 March 31, 2024 is $70.6 million 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 $8.5 million and $1.1 million, respectively, at March 31, 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 $13.5 million and $13.6 million at March 31, 2024 and December 31, 2023, respectively.
At December 31, 2023, the Company held 11,330 shares of Visa Class B stock. 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. During the three months ended March 31, 2024, the Company sold all of its Visa Class B stock, receiving net proceeds of $4.1 million.

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.
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.
15

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:

 March 31, 2024
(In thousands)Portfolio LoansAcquired Non-PCD LoansPCD LoansTotal
Construction and land development$454,591 $168,116 $539 $623,246 
Commercial real estate - owner occupied1,088,086 532,259 35,785 1,656,130 
Commercial real estate - non-owner occupied1,934,419 1,293,008 140,912 3,368,339 
Residential real estate1,756,236 745,349 19,814 2,521,399 
Commercial and financial1,216,045 305,200 44,954 1,566,199 
Consumer164,387 77,677 675 242,739 
Totals$6,613,764 $3,121,609 $242,679 $9,978,052 
 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