SBCFMEDIUM SIGNALFINANCIAL10-K

SBCF completed significant expansion through the VBI acquisition, driving 37% asset growth but accompanied by a dramatic 1,300% surge in interest expense amid the challenging rate environment.

The substantial balance sheet growth demonstrates successful execution of the bank's expansion strategy into new markets including Georgia and North Central Florida. However, the massive increase in interest expense signals significant pressure on net interest margins from higher funding costs, though this was partially offset by strong loan growth and improved net interest income.

Comparing 2026-02-27 vs 2025-02-25View on EDGAR →
FINANCIAL ANALYSIS

SBCF experienced substantial growth with total assets expanding 37% to $20.8B and deposits growing 33% to $16.3B, primarily driven by the VBI acquisition completed in October 2025. Despite the dramatic 1,300% increase in interest expense reflecting higher funding costs in the current rate environment, net interest income still grew a solid 15% and net income increased 20% to $144.9M, demonstrating the bank's ability to maintain profitability during expansion. The 447% increase in credit loss provisions and 18% decline in cash reserves warrant monitoring as potential indicators of credit stress or liquidity management challenges amid rapid growth.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+1300.6%
$14.3M→$200.7M

Interest expense surged 1300.6% — significant debt increase or rising rates materially impacting earnings.

Provision for Credit Losses
P&L
+446.9%
$2.0M→$10.8M

Credit loss provisions surged 446.9% — management flagging significant deterioration in loan quality ahead.

Total Assets
Balance Sheet
+37.3%
$15.2B→$20.8B

Asset base grew 37.3% — expansion through organic growth, acquisitions, or capital deployment.

Total Liabilities
Balance Sheet
+36.9%
$13.0B→$17.8B

Liabilities grew 36.9% — significant increase in debt or obligations, assess impact on financial flexibility.

Total Deposits
Balance Sheet
+32.8%
$12.2B→$16.3B

Deposits grew 32.8% — expanding customer base or increased trust in the institution.

Stockholders Equity
Balance Sheet
+24.2%
$2.2B→$2.7B

Equity base grew 24.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Net Income
P&L
+19.7%
$121.0M→$144.9M

Net income grew 19.7% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
-18.5%
$476.6M→$388.5M

Cash decreased 18.5% — monitor burn rate and upcoming capital needs.

Net Interest Income
P&L
+15.3%
$725.6M→$836.4M

Net interest income grew 15.3% — benefiting from rate environment or loan book expansion.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-25
ADDED
financial system; Legislative, regulatory or supervisory actions related to so called de banking, including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; A deterioration of the credit rating for U.S.
Its principal subsidiary is Seacoast National Bank, a wholly-owned national banking association ( Seacoast Bank ) chartered in 1926.
As of December 31, 2025, Seacoast had total consolidated assets of $20.8 billion, total deposits of $16.3 billion, total consolidated liabilities, including deposits, of $17.8 billion, consolidated convertible preferred stock of $0.3 billion, and consolidated shareholders equity of $2.7 billion.
Nature Coast Insurance, Inc., a wholly-owned subsidiary of Seacoast, facilitates access for the Company to provide customers with a range of insurance products.
Market and Competition Seacoast has continued expanding the franchise and strengthening its competitive position throughout Florida and beyond with acquisitions and new market launches, including its first location outside Florida, in Woodstock, Georgia.
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REMOVED
FRB Federal Reserve Board ARM Adjustable-rate mortgage FTE Fully taxable equivalent ASC Accounting Standards Codification GAAP Accounting principles generally accepted in the United States of America ASU Accounting Standards Update GLBA Gramm-Leach-Bliley Act ATM Automated teller machine HELOC Home equity line of credit BBFC Business Bank of Florida Corp.
Dodd-Frank Act Dodd-Frank Wall Street Reform and Consumer Protection Act REIT Real estate investment trust DOJ Department of Justice ROA Return on assets Drummond Drummond Banking Company ROTA Return on tangible assets DTA Deferred tax asset ROTCE Return on tangible common equity ECOA Equal Credit Opportunity Act ROUA Right-of-use asset EPS Earnings per share RSA Restricted stock award ERM Enterprise Risk Management RSU Restricted stock unit ERMC Enterprise Risk Management Committee Sabal Palm Sabal Palm Bancorp, Inc.
Its principal subsidiary is Seacoast National Bank, a wholly-owned national banking association ( Seacoast Bank ), which commenced its operations in 1933.
As of December 31, 2024, Seacoast had total consolidated assets of $15.2 billion, total deposits of $12.2 billion, total consolidated liabilities, including deposits, of $13.0 billion and consolidated shareholders equity of $2.2 billion.
and Nature Coast Insurance, Inc., each a wholly-owned subsidiary of Seacoast, facilitate access for the Company to provide customers with a range of insurance products.
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