At Seacoast, our board and management team recognize the importance of
operating in a responsible and sustainable manner that is aligned with our mission, vision and values.
While our Board of
Directors (the “Board”) oversees the Company’s general ESG efforts, the primary oversight of ESG matters has
been delegated to the Compensation and Governance Committee of the Board and implementation of ESG-related
initiatives to members of our Senior Leadership Team.
ENVIRONMENTAL
We have been serving our Florida-based communities since 1926 and are aware of the unique exposures of
our communities to climate change and to weather-related events.
DISASTER RESPONSE PROGRAMS
Seacoast has invested a great deal of time and effort into developing a strong business continuity
plan. We understand that our customers may experience financial challenges as a result of
business interruption from disasters and other emergencies. Seacoast Bank assists by offering
special programs to meet individual customer needs.
CORPORATE ENERGY CONSERVATION EFFORTS
Select locations are LEED-certified facilities
Leadership in Energy and Environmental
Design (“LEED”) is the most widely used green building rating system in the world, providing a framework for
healthy, highly efficient, and cost-saving green buildings. Registered through the U.S. Green Building Council,
LEED certification is a globally recognized symbol of sustainability achievement and leadership.
Select locations with electric vehicle charging stations
Electric vehicle (“EV”) charging stations, currently available at selected branches, provide a
valuable amenity for our customers and associates and support the transition away from fossil fuels.
Use of these charging stations and the vehicles they support has a tangible impact on greenhouse gas
emissions.
Using reclaimed water for irrigation
While water covers over 70% of the earth’s surface, only 0.5% of the earth’s water is drinkable.
To preserve that precious resource, our facilities use reclaimed water whenever possible to
maintain landscaping. Since 2013, Seacoast has saved 350,000 gallons of drinkable water by
using reclaimed water.
LED lighting
LED lights use energy much more efficiently than other types of bulbs, producing light
up to 90% more efficiently than incandescent light bulbs and 80% more efficiently than CFLs. Throughout
most of our facilities, interior and exterior lighting has been converted to LED, which also saves electricity
and materials costs because the life span of LEDs far surpasses that of other bulbs.
Recycling program
Recycling and paper shredding programs have been implemented across our
footprint, including on our main campus. In addition, electronics are recycled according to federal, state and
local guidelines, as well as certified R2 and ISO 14001 guidelines.
Printing and paper reduction
We have optimized many of our operational processes, including
consolidating printers and increasing awareness of printing and paper use. These changes have
helped substantially reduce our use of consumables such as paper, ink, and toner, while reducing electricity use
and maintenance costs. Toner cartridges are recycled and paper waste is disposed of
responsibly.
Supplies and sourcing
Centralized sourcing for the purchase of office supplies reduces waste and lowers costs. Our robust
third party risk management function works to ensure that our suppliers apply sustainable and resilient business
practices.
SOCIAL
We believe that a key element of sustainability is being a great place to work for our employees. In
2020 and 2021, Seacoast Bank was named one of the “Best Banks to Work For” by
American Banker. Seacoast has also earned the designation
of “Best Place to Work for LGBTQ Equality” by the Human Rights Campaign Foundation for the third
consecutive year since 2020. We are also committed to serving the needs of low and
moderate income communities.
HEALTH AND FINANCIAL WELL-BEING OF OUR ASSOCIATES
Seacoast provides access to a variety of resources to address personal health and financial wellness.
Comprehensive Employee Assistance Plan (EAP) resources are accessible to all associates, addressing a wide range
of topics from substance abuse to child and elder care resources. Associates are encouraged to balance their
physical fitness with their work life, with a Company reimbursement for a portion of fitness center memberships.
We also offer financial planning resources for help with student debt, retirement planning and one-on-one
financial planning sessions to all associates.
DIVERSITY & INCLUSION
We strive to create an atmosphere where all associates feel
welcome and confident bringing their whole self to work. Inclusion, respect, and
fairness live at the core of our Company culture, and we believe the diversity of our associate base and of the
communities we serve makes us stronger. We believe each associate has a unique perspective
that is valuable to our Company, our customers, and our communities.
As part of the many things we do to support our associates and their families, as well as additional
steps we are taking to continue to build on this progress, we have established four Associate Resource Groups
(“ARGs”): LGBT+, Military Outreach, Women Mean Business, and Black Associates and Allies Network
(“BAAN”) all of which collaborate across regions. The Company places a
high value on inclusion, engaging employees in our ARG programs, which are composed of associates with diverse
backgrounds, experiences or characteristics who share a common interest in professional development, improving
corporate culture and delivering sustained business results. Each group is sponsored by a senior executive
leader.
EMPLOYEE ENGAGEMENT
Seacoast offers competitive compensation, comprehensive benefits and appropriate training to provide
growth, development opportunities and career paths within our Company. We invest in our
associates through training and development programs, as well as tuition reimbursement to promote continued
professional growth. To ensure that we are meeting associates’ expectations, we conduct an Employee Engagement
Survey each year. The results of the survey and the process of continuous improvement are
discussed with the Board at least annually. In 2021, our engagement score was 83% with 93% participation by the
associate base, a 9% increase from the prior year.
INVESTING IN OUR COMMUNITIES
Demonstrating a strong commitment to serving its communities, Seacoast has established programs under
the Community Reinvestment Act (CRA) that are responsive to the credit and deposit services needs of low and
moderate income communities. Seacoast’s CRA programs are designed to provide a vehicle that
will assist in improving the quality of life and economic well-being of communities, families and businesses
across our footprint. Performance under the CRA is evaluated by federal supervisory
agencies. Seacoast Bank has earned an overall “Outstanding” CRA rating since 2009. Seacoast’s most recent CRA Performance Evaluation Public Disclosure is available from the Office of the Comptroller of the Currency and can be accessed here.
Seacoast broadened its commitment to address community needs in response to the COVID-19
pandemic. Key lending programs were implemented in response
to the business disruptions caused by the pandemic’s impact - the Paycheck Protection Program, in partnership
with the U.S. Small Business Administration, supported small businesses, while offerings of loan forbearance and
loan deferments supported businesses and consumers in compliance with the CARES Act. Seacoast
worked with customers to help businesses access the Paycheck Protection Program, funding a total of $832 million
of loans to assist over 5,900 businesses through the program.
Seacoast focuses on continued improvement and enhancement to its CRA program commitments by
establishing and revising product offerings and engaging with community members to identify and help address
community needs.
Loan programs are designed to assist creditworthy, low to moderate income borrowers with solutions for
financing the purchase or refinance of their primary residence, including assisting borrowers who are unable to
qualify for Federal Housing Administration loan programs.
Local examples include Seacoast Bank’s partnership with the city of Tampa to provide down payment
assistance to qualified first-time homebuyers through the DARE Homeownership Program and the East Tampa
Community Revitalization Area Down Payment Assistance Program.
Seacoast has also partnered with the Black Business Investment Fund (BBIF), a Florida-based nonprofit
Community Development Financial Institution that develops and promotes Black, minority, and underserved
businesses through education, training, loans and investments. Seacoast committed to providing a grant to help
fund BBIF’s operational expenses, which helps the organization to continue to train and support underserved
businesses.
As required by regulation, Seacoast Bank maintains a public file that includes CRA-specific information about the Bank’s performance in helping to meet community credit needs.
Seacoast is a proud supporter of the United Way, donating over $1 million since 2010.
Additional charitable donations from Seacoast also supported organizations working to address social and
racial unrest during 2020 and 2021. Seacoast annually participates in local back to school drives, food for
families drives and holiday toy drives, each of which supports local underrepresented children and
families.
Seacoast Bank encourages all levels of staff and its directors to become active in community service
by supporting various community, educational and nonprofit organizations. Seacoast’s
Community Ambassador’s Program was established to facilitate greater community engagement and foster better
understanding and improve knowledge of CRA across our footprint. The team of Community Ambassadors is comprised
of 25 associates, including the CRA Officer and Director of Compliance, along with at least two ambassadors from
each market who meet on a quarterly basis to discuss initiatives and share resources.
We also encourage investments, philanthropic giving and charitable donations in support of identified
economic impact areas, financial literacy and capacity, food insecurity, small business development, housing
insecurity, employment instability and access to credit and deposit services for the overall community - and
especially for those of low and moderate income. Organizations have the opportunity to
connect with the Bank’s local markets for grant requests.
AWARDS AND RECOGNITION
We believe that a key element of sustainability is being a great place to work for our
employees. In 2021, Seacoast’s efforts in this area also earned several awards and
recognitions:
Manager Excellence Program featured in American Banker
The Seacoast Manager Excellence Program is designed to provide foundational management and leadership
skills with a Seacoast lens. It is a blended learning experience consisting of instructor-led training, case
studies, group activities, self-study, and ongoing leadership development and support. Participants are
introduced to the foundational skills that all Seacoast managers should know, learning how to understand and
shape their personal leadership style while focusing on creating purpose, delivering results, developing self
and others, and leading change.
Seacoast Bank Named to Forbes’ 2021 America’s Best Banks
Ranking
Seacoast was included on Forbes Magazine’s ranking of America’s Best-In-State Banks and Credit Unions
and has the distinction of being the only Florida-based community bank to be included on the list.
Seacoast Bank Named One of the “Best Banks to Work For” by
American Banker for Second Consecutive Year
American Banker identifies and recognizes U.S. banks for outstanding associate satisfaction. The award
is given based on a two-step process, including an evaluation of our policies, practices, and
demographics, and employee surveys conducted to directly assess experiences and attitudes with respect to the
workplace. The combined scores determine the top banks and the final ranking.
Seacoast Bank named one of Orlando Business Journal's 2021 Best
Places to Work
Seacoast is proud to be named one of the Orlando Business Journal's 2021 Best Places to Work. This
recognition validates Seacoast’s commitment to our employees’ well-being, as well as our numerous diversity and
inclusion initiatives.
Human Rights Campaign Foundation’s 2022 Corporate Equality
Index
Seacoast was also recognized as part of the Human Rights Campaign Foundation’s 2022 Corporate Equality
Index as a Best Place to Work for LGBTQ Equality. Seacoast is one of
767 companies – spanning nearly every industry and geography across the nation – earning a top score of
100%. This is the third consecutive year we have earned this distinction.
GOVERNANCE
Seacoast is committed to long-term success through strong corporate governance and ethical business
practices, with appropriate controls and transparency forming the foundation for achievement of our strategic
mission.
CORPORATE GOVERNANCE PRINCIPLES AND PRACTICES
An important element of our corporate governance framework is our governance policies, which
include:
- Corporate Governance Guidelines
- Compensation Recoupment Policy
- Insider Trading Policy
- Related Party Transaction Policy
These policies and other governance documents are available on the Investor Relations page at www.SeacoastBanking.com or by clicking here.
CODE OF CONDUCT / CODE OF ETHICS
Seacoast believes in maintaining a high standard of ethics
and has adopted a Code of Conduct, Code of Ethics and a Contingent Worker Code of Conduct.
All associates are required to comply with the Code of Conduct, and complete an
annual certification. In 2021, our certification completion rate was 100%.
For additional details about our Code of Conduct click here.
Additionally, the Bank has established an independent
anonymous 24/7 Employee Ethics Hotline for reporting unethical practices, which can be accessed by phone
or internet. The hotline includes a reporting system that allows management and
employees to work together to address any potential unethical issues related to financial reporting,
fraud, inappropriate conduct, harassment, discrimination, or other matters in the workplace. All reports
are reviewed, investigated and addressed, as applicable, by one or more of the Company’s Chief Risk
Officer, Chief Executive Officer, Chief Human Resource Officer, and the Board’s Audit Committee.
Seacoast expects its associates to create an atmosphere
that supports respect, integrity, teamwork, and excellence. Retaliation or harassment
against any reporting person, or any whistleblower is explicitly prohibited. Any incidents of potential
retaliation are to be reported directly to the office of the Chief Human Resource Officer for
investigation and corrective action, in order to protect the confidentiality of the reporting person.
DATA PRIVACY AND INFORMATION SECURITY
Seacoast is committed to protecting our customers’ personal and financial information. The Bank has
adopted Information Security and Data Privacy policies that are reviewed by the Enterprise Risk
Management Committee (ERMC) of the Board of Directors on an annual basis. Through an
integrated enterprise risk management process, key risks, including those related to privacy and
cybersecurity are evaluated by the ERMC at least quarterly, and reviewed by the full Board.
We have also adopted an Online and Mobile Privacy Policy and Privacy Policy Statement to ensure
compliance with requirements of the Gramm-Leach-Bliley Act. The Privacy Policy and other Information
Security resources can be viewed by clicking here.
Our Board recognizes the importance of maintaining the trust and confidence of our clients, employees
and business partners. We strive to continuously assess and update our response to
information security risks and changes in the cyber security landscape. Information
security risks are identified using internal risk assessments, internal audits, regulatory exams and
third-party testing. Identified risks are prioritized, tracked and managed with
senior management oversight.
Our data security strategy includes a host of defense mechanisms that include, but are not limited to:
- Policies and procedures
- Annual employee training, educational opportunities and regular associate communications
- Third party program oversight
- Encryption technologies
- Incident response program
We provide our associates with ongoing training opportunities and educational resources to
strengthen
cybersecurity awareness, keep abreast of cyber environment trends and continue to build knowledge in
safeguarding against potential security and fraud risks. Additionally, our information
security team maintains awareness of trends and best practices by pursuing professional certifications and
educational opportunities with industry experts and professional organizations.
Periodic penetration tests are performed by independent third parties and are audited by an
external
firm with expertise in information security. During 2021, we did not experience a
material
compromise to any of our data systems or vendor platforms, and did not incur any expenses resulting from
information security breaches, penalties or settlements. Should an information security
incident occur, we have resources to assist with forensic analysis, response strategies and crisis
communications.
BANK SECRECY ACT / ANTI-MONEY LAUNDERING PRACTICES
The Board, and its Enterprise Risk Management Committee (ERMC”),
is
responsible for the oversight of our Bank Secrecy Act (“BSA”) / Anti-Money Laundering (“AML”) / Office of
Foreign Asset Control (“OFAC”) Program. The BSA/AML/OFAC program is designed to help
monitor,
detect and prevent financial crimes and report suspicious or illicit activities to adhere with applicable
laws,
rules and regulations related to anti-money laundering and anti-terrorist financing initiatives.
As part of the BSA/AML/OFAC framework, the Board has adopted policies and procedures to comply with
those
requirements. The BSA/AML/OFAC policy is reviewed annually and approved by our Board, and all employees and
Board members are required to complete annual training related to BSA/AML/OFAC.
In addition, Seacoast has procedures in place to comply with
anti-bribery laws, such as the Foreign Corrupt Practices Act, which contains anti-bribery provisions
prohibiting
individuals and businesses from making corrupt payments to foreign officials to obtain or retain business,
and
accounting provisions that require keeping records and accounts that accurately and fairly reflect
transactions
and the disposition of assets.
BOARD OVERSIGHT OF STRATEGY AND RISK
Our Board has ultimate oversight responsibility for strategy and risk management, and directly
advises
management on development and execution of the Company’s strategy. Oversight is also
provided
through the extensive work of the Board’s committees – Audit Committee; Compensation and Governance
Committee;
Corporate Development Committee; and Enterprise Risk Management Committee – in key areas such as financial
reporting, internal controls, compliance, corporate governance, compensation programs, capital planning and
risk
management. The ERMC oversees the integration of risk management at Seacoast, monitors the risk framework
and
makes recommendations to the Board regarding the Company’s risk appetite. Additionally,
the
Compensation and Governance Committee oversees risks and exposures related to the Company’s corporate
governance, director succession planning, and compensation practices to ensure that they do not encourage
imprudent or excessive risk-taking.
BOARD COMPOSITION
Seacoast continues to build a diverse Board with experience aligned with our strategic mission to
ensure a balanced mix of directors with a deep knowledge of Seacoast and its markets, as well as new members
with fresh perspectives. Our Board consists of all independent Board members, with the
exception of one executive officer and one former executive officer. All members of the
Audit
Committee and Compensation and Governance Committee of the Board and the Chair of the Enterprise Risk
Management
Committee are independent directors. Women account for 27% of the Board of Directors, including our
Compensation
and Governance Committee Chair. To further strengthen our corporate governance, our
independent directors annually select a Lead Independent Director from the independent
directors.
Our lead independent director chairs regularly scheduled executive sessions, without management
present,
at which directors can discuss management performance, succession planning, board informational needs, board
effectiveness or any other matter.
Our Corporate Governance Guidelines require that a substantial majority of the Board be composed
of
independent directors. In accordance with those guidelines, non-employee directors must
advise the Chairman of the Board or Chair of the Compensation and Governance Committee in advance of
accepting
membership on any other public company board and before accepting membership on the audit committee or
compensation committee of any other public company board. Employee Directors may serve on
no
other boards of public companies, unless otherwise approved by the Compensation and Governance Committee.
SHAREHOLDER ENGAGEMENT
The Company engages with our shareholders to ensure that the Board and management are aware of and
address issues of importance to our investors. We regularly meet with various
institutional
shareholders and welcome feedback from other shareholders, which is considered by the Board or appropriate
Board
committee. To facilitate
shareholder
participation in meetings, the Company provides for voting on proxy resolutions by mail, internet, and
telephone.