Exhibit 10.12

CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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PURPOSE

Centennial Bank Holdings, Inc. (the Company) is the sponsor of this executive cash incentive plan (the Plan). The Company has designed the Plan to focus Company executives on achieving the annual
business plan during a particular Performance Period. The Plan provides aggressive award opportunities and is intended to provide significant rewards to the Companys executive team for exceptional corporate performance.

APPROVAL AND ADMINISTRATION

The Plan has been approved by the
Compensation, Nominating and Governance Committee of the Board of Directors (the CNG Committee) and will be administered by the Incentive Plan Committee (the IP Committee), which is comprised of the
Companys CEO and executives reporting directly to the CEO. The IP Committee will recommend to the CNG Committee, for its approval as early in the Performance Period as possible: the Plan Participants; Plan Performance Measures; Performance
Measure Weights; Achievement Levels and corresponding Award Opportunities. At the end of the Performance Period, the IP Committee will review achievements against Performance Measures, present results and recommend Awards to the CNG Committee for
its approval. In evaluating any such Awards, the CNG Committee shall do so outside the presence of management, except the CNG Committee may request the presence of the CEO when considering Awards to members of executive management other than the
CEO. Notwithstanding any recommendations from the IP Committee, the CNG Committee will be solely responsible for determining and granting any Awards pursuant to the Plan.

Interpretation and application of the Plan to a particular circumstance will be made by the CNG Committee in its sole discretion. Subject to any authority granted to the full Board of Directors or a committee of the
independent directors thereof, the CNG Committee has the sole and absolute power and authority to make all factual determinations, construe and interpret terms and make eligibility and Award determinations in accordance with its interpretation of
the Plan.

ELIGIBILITY

The categories of executives
and other employees listed in Exhibit Aare eligible for participation in the Plan. The IP Committee will review those eligible and recommend Participants to CNG Committee for its approval. The IP Committee may recommend key contributors (not
listed in Exhibit A) for participation in the Plan on an exception basis for approval by the CNG Committee.

PARTICIPANTS

An individual who has been recommended for participation in the Plan by the IP Committee and approved by the CNG Committee is a Participant.



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|------------------------------ |  | - |  | -----------------------------
|Centennial Bank Holdings, Inc. |  | 1 |  | Executive Cash Incentive Plan



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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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PERFORMANCE MEASURES

The IP Committee will select one to two Performance Measures for the Plan for approval by the CNG Committee. All Performance Measures will be key indicators of financial performance.

Each Performance Measure will operate independently (i.e., it is possible for one Performance Measure to generate an award and not the other). Likewise, it is possible
for one Performance Measure to be achieved at a higher level than the other. Performance Measures will be individually weighted (i.e., one Performance Measure may be counted more heavily in calculating Awards than the other). Weights for each
Performance Measure will be recommended at the beginning of the Performance Period by the IP Committee for approval by the CNG Committee; however, the CNG Committee will retain absolute authority over the selection and weights accorded to any
Performance Measures. Achievement Levels will be established for each Performance Measure along with corresponding Award Opportunities.

ACHIEVEMENT
LEVELS AND AWARD OPPORTUNITIES

Achievement Levels and Award Opportunities for any Performance Period as approved by the CNG Committee are set forth
below. The table shows achievement of various levels of the established performance measure, as a percentage of the performance target, during a Performance Period and illustrates the corresponding and maximum Award Opportunity at each specified
Achievement Level. Mathematical interpolation will be used to calculate Awards for achievement between the levels established below.

The performance
measure and performance target for the current Performance Period, as approved by the CNG Committee, along with corresponding Award opportunities, are set forth on Exhibit B.

Performance Period: January 1, xxxx  December 31, xxxx

Overall Performance Measure: [EPS] [Cash
EPS] [ROAA] [Cash ROAA] [ROAE] [Cash ROAE] [Net Income] [Stock Price]

Performance Target:

Award
Opportunities



|            |  |                                 |  |      |  |          
|----------- |  | ------------------------------- |  | ---- |  | ---------
|            |  | Achievement Level (% of Target)
|Participant |  | [90]%                           |  | 100% |  | Over 100%



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|------------------------------ |  | - |  | -----------------------------
|Centennial Bank Holdings, Inc. |  | 2 |  | Executive Cash Incentive Plan



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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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AWARDS

Awards
under the Plan will be based upon achievement of Performance Measures and will be submitted by the IP Committee to the CNG Committee for approval.

For
purposes of the Plan, salary means annual base salary in effect at the end of the Performance Period. Awards will be made through the payroll system, minus legally required and authorized deductions. Awards under the Plan will be considered eligible
compensation as permitted or defined by each specific employee benefit plan for purposes of employee benefit calculations.

Awards for individuals who are
Participants for less than a full Performance Period will be prorated using Participants length of employment with the Company. Awards for Participants who leave the Company during a Performance Period due to retirement, total and permanent
disability or death will be prorated using the same method.

To be eligible to receive an Award under the Plan, a Participant must have a performance
rating of 3 or better during the Performance Period.

ADJUSTMENTS

Performance Measures, Achievement Levels and Award Opportunities may be adjusted during the Performance Period only upon approval by the CNG Committee, as it deems appropriate. It is anticipated that such adjustments
will be made infrequently and only in the most extraordinary circumstances.

PAYMENT OF AWARDS

Awards will be paid as soon as administratively feasible after review of performance against targets and approval by the CNG Committee. To be eligible for Award payment,
a Participant must have been an employee of the Company for at least three months and be an employee of the Company on the date that Awards are paid or have left the Company during the Performance Period due to retirement, total and permanent
disability or death. There will be no Award paid to Participants who leave the Company for any other reason.

Participants otherwise eligible to receive an
Award and who were assigned to different parts of the organization during the Performance Period will have their Award calculated based upon the part of the organization they are in at the end of the Performance Period and the Performance targets
achieved by that group for the Performance Period.

NO RIGHT OF ASSIGNMENT

No right or interest of any Participant in the Plan is assignable or transferable. In the event of a Participants death, payment of any earned but unpaid Awards will be made to the Participants legal
successor, if not prohibited by law.



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|                               |  |   |  |                              
|------------------------------ |  | - |  | -----------------------------
|Centennial Bank Holdings, Inc. |  | 3 |  | Executive Cash Incentive Plan



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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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NO RIGHT OF EMPLOYMENT

The Plan does not give any employee any right to continue in the employment of the Company and does not constitute any contract or agreement of employment or interfere in any way with the right the organization has to terminate such
persons employment. Except with respect to employment agreements entered into with certain executives, the Company is an at will employer and as such, can terminate an employment relationship between itself and any of its employees
at will, with or without cause, and with or without notice.

AMENDMENT OR TERMINATION OF THE PLAN

The Company reserves the right to change, amend, modify, suspend, continue or terminate all or any part of the Plan either in an individual case or in general, at any
time without notice.



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|                               |  |   |  |                              
|------------------------------ |  | - |  | -----------------------------
|Centennial Bank Holdings, Inc. |  | 4 |  | Executive Cash Incentive Plan



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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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Exhibit A

Eligible Participants:

Chief Executive Officer (CEO)

Other Executive Officers:

Key Officers/Key Contributors:



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|------------------------------ |  | - |  | -----------------------------
|Centennial Bank Holdings, Inc. |  | 5 |  | Executive Cash Incentive Plan



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CENTENNIAL BANK HOLDINGS, INC.

EXECUTIVE CASH INCENTIVE PLAN

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Exhibit B

Performance Period: January 1, xxxx  December 31, xxxx

Overall Performance Measure: [EPS] [Cash EPS] [ROAA] [Cash ROAA]
[ROAE] [Cash ROAE] [Net Income] [Stock Price]

Performance Target:

Award Opportunities



|            |  |                                 |  |      |  |          
|----------- |  | ------------------------------- |  | ---- |  | ---------
|            |  | Achievement Level (% of Target)
|Participant |  | [90]%                           |  | 100% |  | Over 100%



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|                               |  |   |  |                              
|------------------------------ |  | - |  | -----------------------------
|Centennial Bank Holdings, Inc. |  | 6 |  | Executive Cash Incentive Plan