Seacoast Banking of Florida (SBCF) Q3 2025 earnings summary

Executive summary

• Net income for Q3 2025 was $36.5 million ($0.42 per diluted share), up 19% year-over-year, including $10.8 million in merger-related charges; adjusted net income rose 48% to $45.2 million ($0.52 per share).

• Organic deposit and loan growth were 7% and 8% annualized, respectively, with strong capital ratios and tangible book value per share up 9% year-over-year.

• Completed acquisitions of Heartland Bancshares in July and Villages Bancorporation in October, adding significant assets, branches, and expanding presence in Central and North Central Florida.

• Asset quality remains robust, with declining non-performing loans and lower net charge-offs, supported by disciplined underwriting.

• Maintains a fortress balance sheet with industry-leading capital and liquidity positions.

Financial highlights

• Net interest income was $133.5 million, up 5% sequentially and 25% year-over-year; net interest margin (FTE) was 3.57%.

• Adjusted net income (excluding merger charges) rose 48% year-over-year to $45.2 million ($0.52 per share).

• Tangible book value per share increased 9% year-over-year to $17.61.

• Noninterest income for Q3 2025 was $23.8 million, up 1% year-over-year; wealth management income grew 19% year-over-year.

• Adjusted efficiency ratio improved to 53.8% from 55.4% in the prior quarter.

Outlook and guidance

• Management expects recent acquisitions to drive stronger profitability and earnings in future periods, with both Heartland and Villages Bancorporation accretive to earnings in 2026.

• Full system conversion for Villages Bancorporation is expected in Q3 2026, with majority of cost savings realized in the second half of 2026.

• Expects core net interest margin to reach approximately 3.45% by year-end, inclusive of recent acquisitions.

• Noninterest income projected at $22–$24 million for Q4; adjusted expenses for Q4 (excluding merger costs) expected in the $110–$112 million range.

• Meaningful improvements in return on equity measures expected into 2026 as integration progresses.