佛罗里达海岸银行公司2025年季度报告

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files). Large accelerated filer☒Accelerated filer☐Non-accelerated filer☐Smaller reporting company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Common Stock, $0.10 Par Value –85,985,448shares outstanding as of April 30, 2025 Glossary of Defined Terms Financial Statements (Unaudited) Consolidated statements of income –Threemonths endedMarch 31, 2025and2024 BOLI income Note 1 –Basis of Presentation its subsidiaries (the “Company”) have been prepared in accordance with U.S. GAAP for interim financial information and with theinstructions 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 normalrecurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have beenreclassified to conform to the current period presentation.Operating results for the three months ended March 31, 2025, are not necessarily indicative of the results that may be expected for the Use of Estimates:The preparation of these consolidated financial statements requires management to make judgments in theapplication of certain accounting policies that involve significant estimates and assumptions. The Company has established policiesand control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific acquisition accounting and purchased loans, intangible assets and impairment testing, and other fair value measurements. Issued Accounting Standards In December 2023, the FASB issued ASU 2023-09,Improvements to Income Tax Disclosures. ASU 2023-09 requires disclosure ofspecific categories in the income tax rate reconciliation and requires additional information for reconciling items that meet aquantitative threshold. The standard requires an annual disclosure of income taxes paid, net of refunds received, disaggregated by effective for fiscal years beginning after December 15, 2024. The Company does not expect the adoption of the standard to have amaterial impact on its disclosures. Residential mortgage-backed securities and collateralized mortgageobligations of U.S. government-sponsored entities Commercial mortgage-backed securities and collateralized mortgageobligations of U.S. government-sponsored entities88,121—(8,264) December 31, 2024 (In thousands)AmortizedCostUnrealizedGainsUnrealizedLossesAvailable-for-Sale Debt SecuritiesU.S. Treasury securities and obligations of U.S. government agencies$28,233$29$(522)$ Collateralized loan obligations43,410(152)7,596(14)51,006Obligations of state and politicalsubdivisions319(15)5,371(1,434)5,690$717,899$(7,996)$978,673$(203,342)$1,696,572$(211,338)Comprised of377individual securities. of the U.S. government. The Company does not expect individual securities issued by the U.S. Treasury, a U.S. agency, or a sponsoredU.S. agency to incur future losses of principal. Based on the assessment of all relevant factors, the Company believes that theunrealized loss positions on these debt securities are a function of changes in investment spreads and interest rate movements and notchanges in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2025,noallowance for credit losses has been recorded.At March 31, 2025, the Company had unrealized losses of $173.9million on commercial and residential mortgage-backed securities current expectation that there is no risk of loss if default were to occur. Based on the assessment of all relevant factors, the Companybelieves that the unrealized loss positions on these debt securities are a function of changes in investment spreads and interest ratemovements and not changes in credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, atMarch 31, 2025,noallowance for credit losses has been recorded. credit quality, and expects to recover the entire amortized cost basis of these securities. Therefore, at March 31, 2025,noallowance forcredit losses has been recorded.At March 31, 2025, the Company had $0.6million of unrealized losses in floating rate CLOs having a fair value of $121.9million.CLOs are special purpose vehicles and those in which the Company has invested are