DEF: Seacoast Banking Corp. 2026 Annual Meeting Proxy Statement

Seacoast Banking Corporation of Florida announces its 2026 Annual Meeting of Shareholders, detailing proposals for director elections, board declassification, executive compensation, and auditor ratification.

Summary

• Seacoast Banking Corporation of Florida is holding its 2026 Annual Meeting of Shareholders on May 20, 2026.
• Key proposals include the election of five directors, declassification of the Board of Directors, an advisory vote on executive compensation, and ratification of Crowe LLP as the independent auditor for fiscal year 2026.
• Shareholders of record as of March 25, 2026, are eligible to vote.
• The company highlights strong 2025 performance, including a 20% increase in net income to $144.9 million and 45% growth in adjusted pre-tax, pre-provision earnings.
• The company is also proposing to declassify its board, moving towards annual director elections, with full implementation by 2028.
• Shareholder engagement regarding executive compensation is noted, with the company implementing enhanced disclosures in response to feedback.

Sentiment

Score: 8

Explanation: StockSavvy.ai views this filing positively due to strong financial performance, successful strategic acquisitions, and a clear focus on shareholder value, despite a slight dip in 'Say on Pay' support which the company is actively addressing.

Positives

• Net income increased by 20% to $144.9 million in 2025.
• Adjusted net income rose by 28% to $169.5 million in 2025.
• Adjusted pre-tax, pre-provision earnings increased by 45% to $274.7 million in 2025.
• Net interest income grew by 28% to $553.5 million, with net interest margin expanding 34 basis points to 3.58%.
• Achieved 9% organic loan growth in 2025.
• Assets under management in the wealth division grew by $549 million organically in 2025.
• Maintained a strong capital position with a Tier 1 capital ratio of 14.5%.
• Total assets grew by 37% to $20.8 billion due to acquisitions and organic growth.
• Net charge-offs to average loans decreased to 0.12% in 2025 from 0.27% in 2024.
• Nonperforming assets to total assets decreased to 0.37% at year-end 2025 from 0.65% at year-end 2024.
• Increased the quarterly dividend by 5% to $0.19 per share.
• Recognized as a 'Best Places to Work' by American Banker in 2025.
• Achieved an employee engagement score of 85% in 2025.

Negatives

• Long-term incentive (LTI) awards for the 2023-2025 period were earned below target (57% of target), attributed to strategic loan growth moderation in 2023-2024 and relative performance against peers.
• Organic deposit growth in 2025 was 0.2%, significantly below the target of 4.0%, although the company notes this was a strategic decision to lower deposit costs.

Risks

• Macro-economic risks such as inflation, interest rate fluctuations, reductions in economic growth, or recession.
• Political or regulatory risks, such as restriction on access to markets.
• Event risks, such as global pandemics, natural disasters, acts of war or terrorism or cybersecurity breaches.
• Business-specific risks related to financial reporting, credit, liquidity, asset/liability management, market, operational execution (corporate governance, legal and regulatory compliance), and reputation both of the Company and the financial services industry generally.

Future Outlook

The company highlights its strong position entering its 100th year, with expanded market presence, improved funding advantages, and capital flexibility. The strategy focuses on growing relationships, investing in talent and capabilities, and delivering improved shareholder returns.

Management Comments

• "2025 was a transformative year for Seacoast—one that expanded our franchise, deployed excess capital to enhance our earnings power, and positioned the Company to deliver stronger and more durable shareholder returns."
• "We believe we are building an organization with greater scale, stronger market positions, and improved investment capacity—while preserving the local decision-making and relationship focus that distinguish Seacoast."
• "Our optimism about the future is grounded in fundamentals: a relationship-based model that has proven resilient; a balance sheet managed with discipline; a culture that attracts and develops exceptional teams; and a strategy that is clear and consistent."

Industry Context

StockSavvy.ai notes that Seacoast's performance, particularly its strategic acquisitions and focus on relationship-based banking, aligns with broader trends in the regional banking sector seeking scale and enhanced customer engagement. The company's emphasis on technology and AI readiness also positions it to adapt to evolving industry demands.

Comparison to Industry Standards

• Seacoast's organic loan growth of 9% is noted as 'above-peer'.
• The company's cost of deposits is described as 'below-peer'.
• The adjusted efficiency ratio improved by over five points to 58%, indicating improved operating leverage compared to industry benchmarks.
• The Tier 1 capital ratio of 14.5% and loan-to-deposit ratio of 78% are presented as industry-leading or strong positions.
• The company's TSR in 2025 significantly outperformed both its peer group and the broader market.

Corporate Governance

Related Party Transactions

• Seacoast paid Gilbert Chevrolet $111,307 in 2025 for two vehicles; the arrangement was approved by the Audit Committee.
• Alston & Bird, LLP, where director Randolph A. Moore, III is a former senior partner, received approximately $2.7 million for legal services in 2025.
• Loans outstanding to directors, executive officers, and related parties totaled approximately $3.05 million at December 31, 2025, representing 0.10% of consolidated shareholders' equity, made in the ordinary course of business and on terms comparable to those for unaffiliated persons.

Stakeholder Impact

• Shareholders: The proposed declassification of the board and continued dividend increases are positive. The company's strong financial performance in 2025 is expected to benefit shareholders.
• Employees: Recognition as a 'Best Places to Work' and high employee engagement scores suggest a positive internal environment. Compensation programs are designed to attract and retain talent.
• Customers: The company emphasizes its relationship-based model and investments in technology to enhance customer experience.
• Creditors: Strong capital ratios (Tier 1 capital ratio of 14.5%) and a solid loan-to-deposit ratio (78%) indicate a stable financial position, which is favorable for creditors.

Next Steps

• Shareholders are encouraged to vote on the proposed items for the 2026 Annual Meeting.
• The company will continue to engage with shareholders on compensation and governance matters.
• The proposed amendment to declassify the board will be phased in, with full implementation by the 2028 annual meeting.

Key Dates

Recommendation

The company demonstrates strong financial performance and strategic execution, including successful acquisitions and dividend increases. However, the slight decline in 'Say on Pay' support and the below-target long-term incentive payouts suggest some shareholder concerns regarding compensation alignment that warrant monitoring. While the outlook is positive, a 'hold' recommendation allows for observation of how the company addresses shareholder feedback and continues its growth trajectory.

Keywords

Seacoast Banking Corporation, Proxy Statement, Annual Meeting, Director Election, Executive Compensation, Corporate Governance, Auditor Ratification, Financial Performance, Acquisitions, Florida Banking