Seacoast Banking of Florida (SBCF) Q1 2025 earnings summary

Executive summary

• Net income for Q1 2025 was $31.5 million ($0.37 per diluted share), up 21% year-over-year but down 8% sequentially, with pre-tax pre-provision earnings of $50.6 million.

• Total deposits grew by $332.4 million (11% annualized), and loans increased 6% annualized from Q4 2024, driving total assets to $15.7 billion.

• Tangible book value per share rose 10% year-over-year to $16.71, and capital ratios remain among the highest in the industry.

• Announced the proposed acquisition of Heartland Bancshares, expected to close in Q3 2025, expanding Central Florida presence.

• Opened two new branches in Fort Lauderdale and Tampa; added 10 revenue-producing bankers.

Financial highlights

• Net interest income was $118.5 million, up 2% sequentially and 13% year-over-year; net interest margin expanded by 9 bps to 3.48%.

• Noninterest income totaled $22.2 million, up 30% sequentially and 8% year-over-year, with strong growth in wealth management and insurance agency income.

• Noninterest expense was $90.6 million, up 6% sequentially, including $1.1 million in merger-related charges.

• Provision for credit losses increased to $9.3 million from $3.7 million in Q4 2024, reflecting loan growth and macroeconomic volatility.

• Return on average tangible common equity was 10.17% for Q1 2025.

Outlook and guidance

• Management expects continued organic growth, supported by a granular deposit base, talent additions, and the pending Heartland acquisition.

• Net interest margin is expected to expand further, with a strong late-stage loan pipeline entering Q2.

• Heartland Bancshares acquisition anticipated to drive value creation and 25% cost savings from Heartland's noninterest expense base, with 75% realized in Q4 2025.

• Project mid to high single-digit loan growth and low to mid-single-digit deposit growth for 2025, with typical seasonal outflows in Q2.

• Adjusted noninterest expenses for Q2 expected in the $87–$89 million range; noninterest income guidance for Q2 in the $20–$22 million range.