US Market News
5 months ago
Seacoast Reports Fourth Quarter and Full Year 2025 ResultsJanuary 29, 2026 4:13 PM
Business Wire
15% Fourth Quarter Annualized Organic Loan Growth
Net Interest Income Up 31% Quarter over Quarter and 28% Year over Year
Transformative Acquisition of Villages Bancorporation, Inc. Adds $4.4 Billion in Assets
Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported unaudited results of operations and other financial information for the fourth quarter and full year 2025.
Fourth Quarter 2025 Highlights
Net income of $34.3 million included $18.1 million in merger and integration costs and $23.4 million in day-one credit provisions in the Villages Bancorporation, Inc. (“VBI”) acquisition.
On an adjusted basis, pre-tax pre-provision earnings1 of $93.2 million increased 39% from the prior quarter and 65% from the prior year quarter.
15% annualized organic loan growth.
Well-controlled expenses, with an improved efficiency ratio.
Expanded branch footprint with new locations in Bradenton, FL and our first branch in the greater Atlanta market.
Continued industry-leading strength in capital and liquidity.
Charles M. Shaffer, Seacoast's Chairman and CEO, said, “Seacoast delivered another quarter of strong financial performance, highlighted by robust loan growth and continued expansion in pre-tax pre-provision earnings. These results underscore the strength, resilience, and momentum of our franchise, which continues to outperform across our markets. We are thrilled to have completed our acquisition of Villages Bancorporation, Inc., a transaction that brings us top-tier market share and a high-quality, low-cost deposit base in the rapidly growing The Villages® community. This acquisition further strengthened our competitive position and enhances our capacity for sustained growth and industry-leading performance.”
Shaffer added, “Our balance sheet remains exceptionally strong, supported by solid capital levels and a highly resilient liquidity position. This strong foundation provides us with meaningful flexibility to continue strategically deploying resources to drive profitable growth. With a fortified capital base and disciplined balance sheet management, we are well-positioned to support our customers, invest in our franchise, and extend our long-term record of growth and value creation.”
Shaffer concluded, “As we look ahead to 2026, we are confident and excited about the shareholder returns we expect to deliver, particularly in the back half of the year. We have included a detailed slide outlining our expectations in the supplemental presentation materials, reflecting the growing momentum across our franchise and the clear path we see toward enhanced performance and long-term value creation.”
Acquisitions Update
Seacoast’s balanced growth strategy, combining organic growth with value-creating acquisitions, continues to benefit shareholders and expand the franchise.
On October 1, 2025, the Company completed its acquisition of VBI. This transformative transaction expands the Company’s presence in North Central Florida and into The Villages® community, adding approximately $1.2 billion in loans and $3.5 billion in deposits, along with 19 branches. VBI’s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. Full integration and system conversion activities are expected to be completed early in the third quarter of 2026. Non-voting, convertible preferred shares were issued in connection with the acquisition. These shares are fully convertible to common shares when transferred to a non-affiliate of the VBI holder. As such, performance metrics presented throughout this document assume full conversion of preferred shares into common shares. See “Presentation of Common and Preferred Shares” for further details.
In the third quarter of 2025, the Company completed its acquisition of Heartland Bancshares, Inc. (“Heartland”), adding approximately $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed in the third quarter of 2025.
Financial Results
Income Statement
Net revenues were $203.3 million in the fourth quarter of 2025, an increase of $46.0 million, or 29%, compared to the prior quarter, and an increase of $70.4 million, or 53%, compared to the prior year quarter. Adjusted net revenues1 were $204.8 million in the fourth quarter of 2025, an increase of $46.2 million, or 29%, compared to the prior quarter, and an increase of $63.2 million, or 45%, compared to the prior year quarter.
Pre-tax pre-provision earnings1 were $75.1 million in the fourth quarter of 2025 and included $18.1 million in merger and integration costs. Pre-tax pre-provision earnings1 in the fourth quarter of 2025 increased $19.3 million, or 34%, compared to the third quarter of 2025 and increased $27.3 million, or 57%, compared to the fourth quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $93.2 million in the fourth quarter of 2025, an increase of $26.0 million, or 39%, compared to the third quarter of 2025 and an increase of $36.6 million, or 65%, compared to the fourth quarter of 2024.
Net interest income totaled $174.6 million in the fourth quarter of 2025, an increase of $41.2 million, or 31%, compared to the prior quarter, and an increase of $58.8 million, or 51%, compared to the fourth quarter of 2024. The increase was largely driven by growing loan and securities balances. Interest income on loans increased by $25.5 million in the fourth quarter of 2025, reflecting continued strong loan production. Included in loan interest income was accretion on acquired loans of $10.6 million in the fourth quarter of 2025, $9.5 million in the third quarter of 2025, and $11.7 million in the fourth quarter of 2024. Securities income increased $20.7 million, or 58%, primarily through the acquisition of VBI. Interest expense on deposits increased $6.9 million, or 16%, compared to the prior quarter, and increased $2.6 million, or 5%, compared to the fourth quarter of 2024. The increase from the prior quarter reflects higher average balances and the addition of VBI customers.
Net interest margin increased nine basis points to 3.66% in the fourth quarter of 2025 compared to 3.57% in the third quarter of 2025, and increased 27 basis points compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 12 basis points to 3.44% in the fourth quarter of 2025 compared to 3.32% in the third quarter of 2025, and increased 39 basis points compared to 3.05% in the fourth quarter of 2024. Loan yields were 6.02%, an increase of six basis points from the prior quarter and an increase of nine basis points from the prior year quarter. Securities yields increased 21 basis points to 4.13%, compared to 3.92% in the prior quarter and increased 37 basis points compared to 3.77% in the prior year quarter. The cost of deposits declined 14 basis points to 1.67% in the fourth quarter of 2025 compared to 1.81% in the prior quarter, and declined 41 basis points compared to 2.08% in the fourth quarter of 2024. The cost of funds declined 16 basis points to 1.80% quarter over quarter, and declined 37 basis points compared to the prior year quarter.
The provision for credit losses was $29.3 million in the fourth quarter of 2025, largely the result of the acquisition of VBI which resulted in a day-one loan loss provision of $22.7 million. Allowance coverage of 1.42% increased eight basis points compared to September 30, 2025, with higher coverage levels assigned to acquired VBI loans.
Noninterest income totaled $28.6 million in the fourth quarter of 2025, an increase of $4.8 million, or 20%, compared to the prior quarter, and an increase of $11.6 million, or 68%, compared to the prior year quarter. Changes included:
Service charges on deposits totaled $6.5 million, an increase of $0.3 million, or 4%, from the prior quarter, and an increase of $1.3 million, or 26%, from the prior year quarter, reflecting the closing of the VBI acquisition and continued onboarding of new relationships.
Wealth management income totaled $5.5 million, an increase of $1.0 million, or 21%, from the prior quarter and an increase of $1.5 million, or 38%, from the prior year quarter. Assets under management have grown 37% year over year. The wealth management division has continued to deliver significant growth, adding $549 million in new organic assets under management in 2025.
Mortgage banking income totaled $3.1 million, an increase from $0.5 million in the prior quarter and from $0.3 million in the prior year quarter, reflecting the addition of mortgage banking activities from the VBI acquisition.
Bank Owned Life Insurance income totaled $2.7 million, a decrease of $1.2 million, or 31%, from the prior quarter and an increase of $0.1 million, or 2%, from the prior year quarter. The third quarter of 2025 included death benefit payouts of $1.3 million.
Other income totaled $7.1 million, an increase of $1.1 million, or 18%, compared to the prior quarter and a decrease of $3.3 million, or 32%, from the prior year quarter. The increase from the prior quarter primarily reflects higher gains on SBIC investments. The decrease from the prior year quarter primarily reflects lower gains on SBIC investments and loan sales.
Noninterest expense was $130.5 million in the fourth quarter of 2025, an increase of $28.6 million, or 28%, compared to the prior quarter, and an increase of $45.0 million, or 53%, compared to the prior year quarter. In the fourth quarter of 2025, merger and integration costs totaled $18.1 million. Results in the fourth quarter of 2025 also included:
Salaries and wages totaled $53.9 million, an increase of $7.6 million, or 16%, from the prior quarter and an increase of $11.6 million, or 27%, from the prior year quarter. The increase from the prior quarter reflects the continued expansion of the footprint, including the acquisition of VBI, and higher performance driven incentive compensation.
Employee benefits totaled $8.5 million, an increase of $1.1 million, or 15%, from the prior quarter and an increase of $1.9 million, or 30%, from the prior year quarter.
Outsourced data processing costs totaled $11.3 million, an increase of $1.9 million, or 21%, from the prior quarter and an increase of $3.0 million, or 36%, from the prior year quarter. The increases reflect higher transaction volume and growth in customers, including from the acquisition of VBI.
Occupancy costs totaled $9.3 million, an increase of $1.7 million, or 22%, compared to the prior quarter and an increase of $2.1 million, or 29%, from the prior year quarter, due to growth in the branch network.
Legal and professional fees totaled $2.1 million, an increase of $0.4 million, or 26%, compared to the prior quarter and a decrease of $0.7 million, or 25%, from the prior year quarter. The increase is largely associated with the timing of various projects.
Amortization of intangibles increased $4.4 million with the addition of $110.5 million in core deposit intangible assets from the VBI acquisition. These assets will be amortized using an accelerated amortization method over approximately 10 years.
Provision for credit losses on unfunded commitments increased $0.7 million as a result of the acquisition of VBI.
Other expense totaled $7.2 million, an increase of $1.3 million, or 22%, compared to the prior quarter and an increase of $1.2 million, or 20%, from the prior year quarter.
The efficiency ratio was 63.36% in the fourth quarter of 2025, compared to 64.44% in the third quarter of 2025 and 60.21% in the prior year quarter. The adjusted efficiency ratio1 improved to 54.50% in the fourth quarter of 2025, compared to 57.63% in the third quarter of 2025 and 60.01% in the prior year quarter. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
Debt securities totaled $5.8 billion as of December 31, 2025, an increase of $1.9 billion compared to September 30, 2025. Debt securities as of December 31, 2025 included approximately $5.2 billion in securities classified as available-for-sale and recorded at fair value. The unrealized loss on these securities is fully reflected in the value presented on the balance sheet. The portfolio also includes $586.2 million in securities classified as held-to-maturity with a fair value of $489.6 million.
$2.5 billion in securities were added through the VBI acquisition. Of the securities acquired, approximately $1.5 billion were sold, and the proceeds were reinvested into new positions with an average yield of 5.3%. Portfolio yield increased 21 basis points to 4.13% from 3.92% in the prior quarter, reflecting the higher yield securities purchased and acquired.
With higher capital at VBI and lower dilution than originally modeled, along with constructive market conditions, in January 2026, the Company repositioned a portion of its available-for-sale securities portfolio. Securities with an average book yield of 1.9% were sold, resulting in a pre-tax loss of approximately $39.5 million impacting first quarter 2026 results. The proceeds of approximately $277 million were reinvested in primarily agency mortgage-backed securities with an average taxable equivalent book yield of 4.8%.
Loans increased $1.7 billion during the fourth quarter of 2025, totaling $12.6 billion as of December 31, 2025. Annualized organic loan growth, excluding the acquisition of VBI, was 15%. The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional and national banks across its markets. The increase in annualized net loan growth was the result of a strong quarter by our commercial team and the addition of the VBI mortgage activity. In addition, we chose to portfolio a larger portion of the volume originated in The Villages community footprint given the strong credit scores and shorter loan duration.
Total deposits were $16.3 billion as of December 31, 2025, an increase of $3.2 billion when compared to September 30, 2025. This increase includes $3.5 billion in deposits from the acquisition of VBI, partially offset by declines of $68.7 million in brokered deposits. Outflows were largely the result of a targeted strategy to lower rates on certain categories of accounts.
Average noninterest bearing demand deposits totaled $4.1 billion in the fourth quarter of 2025, an increase of 15% from $3.5 billion in the third quarter of 2025, and an increase of 20% from $3.4 billion in the fourth quarter of 2024.
The cost of deposits declined 14 basis points to 1.67% from 1.81% in the prior quarter.
At December 31, 2025, customer transaction account balances represented 48% of total deposits. The Company continues to benefit from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
Consumer deposits represent 50% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 50% of overall deposit funding with an average business customer balance of $116 thousand.
Federal Home Loan Bank borrowings averaged $623.8 million at 4.27% for the fourth quarter of 2025, compared to average borrowings of $637.8 million at 4.17% in the third quarter of 2025.
Asset Quality
The ratio of criticized and classified loans to total loans was 2.82% at December 31, 2025, compared to 2.50% at September 30, 2025, and 2.17% at December 31, 2024. The increase was the result of the VBI acquisition.
Accruing past due loans were $33.2 million, or 0.26% of total loans, at December 31, 2025, compared to $20.3 million, or 0.19% of total loans, at September 30, 2025, and $15.6 million, or 0.15% of total loans, at December 31, 2024.
Net charge-offs were $0.9 million in the fourth quarter of 2025, or three basis points annualized, compared to $3.2 million in the third quarter of 2025 and $6.1 million in the fourth quarter of 2024. For the full year 2025, net charge-offs were $13.6 million, or 12 basis points as a percentage of average loans, compared to $27.1 million, or 27 basis points, in the prior year.
Portfolio diversification, in terms of asset mix, industry, and loan type, has been a critical element of the Company's lending strategy. Exposure across industries and collateral types is broadly distributed.
Construction and land development and commercial real estate loans remain well below regulatory guidance as of December 31, 2025 at 34% and 227% of total bank-level risk-based capital2, respectively, compared to 34% and 236%, respectively, at September 30, 2025. On a consolidated basis and as of December 31, 2025, construction and land development and commercial real estate loans represent 32% and 216%, respectively, of total consolidated risk-based capital2.
Capital and Liquidity
The Company deployed capital in the fourth quarter of 2025 through the VBI acquisition, and continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at December 31, 2025 of 14.4%2 compared to 14.5% at September 30, 2025, and 14.8% at December 31, 2024. The Total capital ratio was 15.8%2, the Common Equity Tier 1 capital ratio was 11.5%2, and the Tier 1 leverage ratio was 10.1%2 at December 31, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
Tangible equity to tangible assets was 9.31% at December 31, 2025, compared to 9.76% at September 30, 2025, and 9.60% at December 31, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible equity ratio would have been 8.96% at December 31, 2025. The decline quarter over quarter was the result of capital invested in the VBI acquisition.
At December 31, 2025, in addition to $388.5 million in cash, the Company had $7.6 billion in available borrowing capacity, including $3.4 billion in available collateralized lines of credit, $3.8 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $348.0 million.
1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP.
2 Estimated.
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on January 30, 2026, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 3069645). Charts will be used during the conference call and may be accessed at Seacoast’s website at www.SeacoastBanking.com by selecting “Presentations” under the heading “News/Events.” Additionally, a recording of the call will be made available to individuals shortly after the conference call and can be accessed via a link at www.SeacoastBanking.com under the heading “Corporate Information.” The recording will be available for one year.
About Seacoast Banking Corporation of Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of the largest community banks headquartered in Florida with approximately $20.8 billion in assets and $16.3 billion in deposits as of December 31, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 104 full-service branches across Florida, and through advanced mobile and online banking solutions. Seacoast National Bank is the wholly-owned subsidiary bank of Seacoast Banking Corporation of Florida. 19 branches recently acquired in The Villages® community and in North Central Florida will operate under the name Citizens First Bank until Seacoast’s system conversion takes place in 2026. For more information about Seacoast, visit www.SeacoastBanking.com.
Cautionary Notice Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning, and protections, of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, without limitation, statements about future financial and operating results, cost savings, enhanced revenues, economic and seasonal conditions in the Company’s markets, and improvements or impacts to reported earnings that may be realized from cost controls, tax law changes, conversion of preferred shares into common shares, new initiatives and for integration of banks (including Villages Bancorporation, Inc.) that the Company has acquired, or expects to acquire, as well as statements with respect to Seacoast's objectives, strategic plans, expectations and intentions and other statements that are not historical facts. Actual results may differ from those set forth in the forward-looking statements.
Forward-looking statements include statements with respect to the Company’s beliefs, plans, objectives, goals, expectations, anticipations, assumptions, estimates and intentions about future performance and involve known and unknown risks, uncertainties and other factors, which may be beyond the Company’s control, and which may cause the actual results, performance or achievements of Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) or its wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast Bank”), to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. You should not expect the Company to update any forward-looking statements.
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as "may", "will", "anticipate", "assume", "should", "support", "indicate", "would", "believe", "contemplate", "expect", "estimate", "continue", "further", "plan", "point to", "project", "could", "intend", "target" or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation: the impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending), slowdowns in economic growth, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing; potential impacts of adverse developments in the banking industry and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company's ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding; governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation; the risks of continued changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities; interest rate risks (including the impacts of interest rates on macroeconomic conditions, and on our net interest income), sensitivities and the shape of the yield curve; changes in accounting policies, rules and practices; changes in retail distribution strategies, customer preferences and behavior generally and as a result of economic factors, including heightened or persistent inflation; changes in the availability and cost of credit and capital in the financial markets; changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans; the Company’s concentration in commercial real estate loans and in real estate collateral in Florida; Seacoast’s ability to comply with any regulatory requirements and the risk that the regulatory environment may not be conducive to or may prohibit or delay the consummation of future mergers and/or business combinations, may increase the length of time and amount of resources required to consummate such transactions, and may reduce the anticipated benefit; inaccuracies or other failures from the use of models, including the failure of assumptions and estimates, as well as differences in, and changes to, economic, market and credit conditions; the impact on the valuation of Seacoast’s investments due to market volatility or counterparty payment risk, as well as the effect of a decline in stock market prices on our fee income from our wealth management business; statutory and regulatory dividend restrictions; increases in regulatory capital requirements for banking organizations generally; the risks of mergers, acquisitions and divestitures, including Seacoast’s ability to continue to identify acquisition targets, successfully acquire and integrate desirable financial institutions and realize expected revenues and revenue synergies, and limit deposit, customer and employee attrition; changes in technology or products that may be more difficult, costly, or less effective than anticipated; the Company’s ability to identify and address increased cybersecurity risks, including those impacting vendors and other third parties which may be exacerbated by developments in generative artificial intelligence; fraud or misconduct by internal or external parties, which Seacoast may not be able to prevent, detect or mitigate; inability of Seacoast’s risk management framework to manage risks associated with the Company’s business; dependence on key suppliers or vendors to obtain equipment or services for the business on acceptable terms; reduction in or the termination of Seacoast’s ability to use the online- or mobile-based platform that is critical to the Company’s business growth strategy; the effects of war or other conflicts, civil unrest, acts of terrorism, natural disasters, including hurricanes in the Company’s footprint, health emergencies, epidemics or pandemics, or other catastrophic events that may affect general economic conditions and/or increase costs, including, but not limited to, property and casualty and other insurance costs; Seacoast’s ability to maintain adequate internal controls over financial reporting; potential claims, damages, penalties, fines, costs and reputational damage resulting from pending or future litigation, regulatory proceedings and enforcement actions; the risks that deferred tax assets could be reduced if estimates of future taxable income from the Company’s operations and tax planning strategies are less than currently estimated, the results of tax audit findings, challenges to our tax positions, or adverse changes or interpretations of tax laws; the effects of competition from other commercial banks, thrifts, mortgage banking firms, consumer finance companies, credit unions, non-bank financial technology providers, securities brokerage firms, insurance companies, money market and other mutual funds and other financial institutions; the failure of assumptions underlying the establishment of reserves for expected credit losses; risks related to, and the costs associated with, environmental, social and governance matters, including the scope and pace of related rulemaking activity and disclosure requirements; legislative, regulatory or supervisory actions related to so-called “de-banking,” including any new prohibitions, requirements or enforcement priorities that could affect customer relationships, compliance obligations, or operational practices; government actions or inactions, including, a deterioration of the credit rating for U.S. long-term sovereign debt, actions that the U.S. government may take to avoid exceeding the debt ceiling, and uncertainties surrounding the federal budget and economic policy, including the impact of tariffs and trade policies; the risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and other factors and risks described herein and under “Risk Factors” in any of the Company's subsequent reports filed with the SEC and available on its website at www.sec.gov.
All written or oral forward-looking statements attributable to us are expressly qualified in their entirety by this cautionary notice, including, without limitation, those risks and uncertainties described in the Company’s annual report on Form 10-K for the year ended December 31, 2024 and in other periodic reports that the Company files with the SEC. Such reports are available upon request from the Company, or from the Securities and Exchange Commission, including through the SEC's Internet website at www.sec.gov.
FINANCIAL HIGHLIGHTS
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
Twelve months ended
(Amounts in thousands, except ratios and per share data)
4Q'25
3Q'25
2Q'25
1Q'25
4Q'24
4Q'25
4Q'24
Summary of Earnings
Net income
$
34,260
$
36,467
$
42,687
$
31,464
$
34,085
$
144,878
$
120,986
Adjusted net income1
47,741
45,164
44,466
32,102
40,556
169,473
132,476
Net interest income2
176,244
133,906
127,295
118,857
116,115
556,308
433,045
Net interest margin2,3
3.66
%
3.57
%
3.58
%
3.48
%
3.39
%
3.58
%
3.24
%
Pre-tax pre-provision earnings1
$
75,141
$
55,887
$
60,236
$
50,590
$
47,858
$
241,860
$
174,173
Adjusted pre-tax pre-provision earnings1
93,170
67,190
62,627
51,686
56,610
274,679
190,003
Performance Ratios
Return on average assets-GAAP basis3
0.64
%
0.88
%
1.08
%
0.83
%
0.89
%
0.84
%
0.81
%
Adjusted return on average assets1,3
0.89
1.09
1.13
0.85
1.06
0.98
0.89
Return on average tangible assets-GAAP basis3,4
0.83
1.04
1.24
0.98
1.06
1.01
0.98
Adjusted return on average tangible assets1,3,4,6
1.10
1.26
1.29
1.00
1.24
1.16
1.06
Net adjusted noninterest expense to average tangible assets1,3,4
2.01
2.16
2.25
2.33
2.19
2.17
2.20
Return on average equity-GAAP basis3
4.43
6.17
7.60
5.76
6.16
5.86
5.62
Adjusted return on average equity1,3
6.17
7.64
7.92
5.88
7.32
6.86
6.16
Return on average tangible equity-GAAP basis3,4
9.05
10.70
12.82
10.17
10.90
10.58
10.39
Adjusted return on average tangible equity1,3,4
11.96
12.98
13.31
10.35
12.74
12.16
11.25
Efficiency ratio5
63.36
64.44
60.33
64.05
60.21
63.07
65.18
Adjusted efficiency ratio1
54.50
57.63
58.74
63.30
60.01
58.13
63.77
Noninterest income to total revenue (excluding securities gains/losses)
14.05
15.59
16.18
15.65
18.02
15.26
17.47
Tangible equity to tangible assets4
9.31
9.76
9.75
9.58
9.60
9.31
9.60
Average loan-to-deposit ratio
73.60
82.99
85.21
84.23
83.14
80.85
83.63
End of period loan-to-deposit ratio
77.78
83.84
84.96
83.17
84.27
77.78
84.27
Per Share Data
Earnings per common share-diluted-GAAP basis
$
0.31
$
0.42
$
0.50
$
0.37
$
0.40
$
1.57
$
1.42
Earnings per common share-basic-GAAP basis
0.32
0.42
0.50
0.37
0.40
1.59
1.43
Earnings per common share-diluted, treating all preferred shares as common1,6
0.31
0.42
0.50
0.37
0.40
1.58
1.42
Adjusted earnings per common share-diluted, treating all preferred shares as common1,6
0.44
0.52
0.52
0.38
0.48
1.84
1.56
Book value per common share
27.70
27.07
26.43
26.04
25.51
27.70
25.51
Book value per common share, treating all preferred shares as common6
27.99
27.07
26.43
26.04
25.51
27.99
25.51
Tangible book value per common share4
15.14
17.61
17.19
16.71
16.12
15.14
16.12
Tangible book value per common share, treating all preferred shares as common4,6
16.72
17.61
17.19
16.71
16.12
16.72
16.12
Cash dividends declared on common and preferred stock7
0.19
0.18
0.18
0.18
0.18
0.73
0.72
Other Data
Full-time equivalent employees
1,962
1,601
1,522
1,518
1,504
1,962
1,504
Number of ATMs
191
103
98
98
96
191
96
Full-service banking offices
104
84
79
79
77
104
77
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP.
2Calculated on a fully taxable equivalent basis using amortized cost.
3These ratios are stated on an annualized basis and are not necessarily indicative of future periods.
4The Company defines tangible assets as total assets less intangible assets and tangible equity as total shareholders' equity less intangible assets.
5Defined as noninterest expense less provision for credit losses on unfunded commitments and gains, losses, and expenses on foreclosed properties divided by net operating revenue (net interest income on a fully taxable equivalent basis plus noninterest income excluding securities gains and losses). Prior to the fourth quarter of 2025, the Company's presentation of the efficiency ratio excluded amortization expense on intangible assets. Prior periods have been updated to align with the current presentation.
6Calculated treating all preferred shares as common. Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder. The Company believes a calculation presenting all convertible preferred shares as common provides useful supplemental information to the presentation of common share measures, as we anticipate they will be converted to common shares in the future.
7In the fourth quarter of 2025, non-voting preferred shares were issued in connection with the VBI acquisition. Those shares earn dividends pro-rata with common shares, or $0.19 per 1/1000 preferred share.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
Twelve months ended
(Amounts in thousands, except per share data)
4Q'25
3Q'25
2Q'25
1Q'25
4Q'24
4Q'25
4Q'24
Interest and dividends on securities:
Taxable
$
53,445
$
35,975
$
32,479
$
29,381
$
26,945
$
151,280
$
99,456
Nontaxable
3,293
44
33
34
34
3,404
135
Interest and fees on loans
187,408
161,913
157,075
150,640
151,999
657,036
597,366
Interest on interest-bearing deposits and other investments
11,914
4,780
3,760
4,200
6,952
24,654
28,602
Total Interest Income
256,060
202,712
193,347
184,255
185,930
836,374
725,559
Interest on deposits
49,988
43,133
40,633
43,626
47,394
177,380
198,210
Interest on time certificates
20,914
16,341
15,120
14,973
16,726
67,348
70,777
Interest on borrowed money
10,531
9,770
10,730
7,139
6,006
38,170
24,601
Total Interest Expense
81,433
69,244
66,483
65,738
70,126
282,898
293,588
Net Interest Income
174,627
133,468
126,864
118,517
115,804
553,476
431,971
Provision for credit losses
29,260
8,371
4,379
9,250
3,699
51,260
16,258
Net Interest Income After Provision for Credit Losses
145,367
125,097
122,485
109,267
112,105
502,216
415,713
Noninterest income:
Service charges on deposit accounts
6,472
6,194
5,540
5,180
5,138
23,386
20,852
Wealth management income
5,540
4,578
4,196
4,248
4,019
18,562
15,168
Mortgage banking income
3,108
517
685
404
326
4,714
1,774
Interchange income
2,483
2,008
1,895
1,807
1,860
8,193
7,599
Insurance agency income
1,191
1,481
1,289
1,620
1,151
5,581
5,196
BOLI income
2,687
3,875
3,380
2,468
2,627
12,410
10,065
Other
7,066
6,006
7,497
6,257
10,335
26,826
30,790
Total Noninterest Income Before Securities Gains (Losses)
28,547
24,659
24,482
21,984
25,456
99,672
91,444
Securities gains (losses), net
84
(841
)
39
196
(8,388
)
(522
)
(8,016
)
Total Noninterest Income
28,631
23,818
24,521
22,180
17,068
99,150
83,428
Noninterest expense:
Salaries and wages
53,942
46,310
44,438
42,248
42,378
186,938
162,316
Employee benefits
8,490
7,387
8,106
8,861
6,548
32,844
28,253
Outsourced data processing costs
11,257
9,337
8,525
8,504
8,307
37,623
36,638
Occupancy
9,330
7,627
7,483
7,350
7,234
31,790
29,547
Furniture and equipment
2,935
2,233
2,125
2,128
2,004
9,421
8,031
Marketing
3,149
2,509
2,958
2,748
2,126
11,364
10,776
Legal and professional fees
2,106
1,674
2,071
2,740
2,807
8,591
9,648
FDIC assessments
2,876
2,414
2,108
2,194
2,274
9,592
8,445
Amortization of intangibles
10,374
6,005
5,131
5,309
5,587
26,819
23,884
Other real estate owned expense and net (gain) loss on sale
(29
)
(346
)
8
241
84
(126
)
440
Provision for credit losses on unfunded commitments
812
150
150
150
250
1,262
1,001
Merger and integration costs
18,142
10,808
2,422
1,051
—
32,423
—
Other
7,162
5,879
6,205
7,073
5,976
26,319
24,322
Total Noninterest Expense
130,546
101,987
91,730
90,597
85,575
414,860
343,301
Income Before Income Taxes
43,452
46,928
55,276
40,850
43,598
186,506
155,840
Provision for income taxes
9,192
10,461
12,589
9,386
9,513
41,628
34,854
Net Income
34,260
36,467
42,687
31,464
34,085
144,878
120,986
Preferred stock dividends
2,138
—
—
—
—
2,138
—
Net Income Available to Common Shareholders
$
32,122
$
36,467
$
42,687
$
31,464
$
34,085
$
142,740
$
120,986
Share Data
Net income per share of common stock
Diluted
$
0.31
$
0.42
$
0.50
$
0.37
$
0.40
$
1.57
$
1.42
Diluted, treating all preferred shares as common1
0.31
0.42
0.50
0.37
0.40
1.58
1.42
Basic
0.32
0.42
0.50
0.37
0.40
1.59
1.43
Average common shares outstanding
Diluted
97,761
87,425
85,479
85,388
85,302
89,106
85,040
Additional common shares treating all preferred shares as common1
11,250
—
—
—
—
2,836
—
Diluted, treating all preferred shares as common1
109,011
87,425
85,479
85,388
85,302
91,941
85,040
Basic
96,816
86,619
84,903
84,648
84,510
88,276
84,367
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" and "Presentation of Common and Preferred Shares" for more information and a reconciliation to GAAP.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31,
September 30,
June 30,
March 31,
December 31,
(Amounts in thousands)
2025
2025
2025
2025
2024
Assets
Cash and due from banks
$
181,429
$
173,954
$
181,565
$
191,467
$
171,615
Interest-bearing deposits with other banks
207,116
132,040
150,863
309,105
304,992
Total cash and cash equivalents
388,545
305,994
332,428
500,572
476,607
Time deposits with other banks
14,424
30,852
1,494
1,494
3,215
Debt Securities:
Securities available-for-sale (at fair value)
5,164,567
3,212,080
2,866,185
2,627,959
2,226,543
Securities held-to-maturity (at amortized cost)
586,178
598,604
613,312
624,650
635,186
Total debt securities
5,750,745
3,810,684
3,479,497
3,252,609
2,861,729
Loans held for sale
16,297
10,841
8,610
16,016
17,277
Loans
12,627,984
10,964,173
10,608,824
10,443,021
10,299,950
Less: Allowance for credit losses
(178,803
)
(147,453
)
(142,184
)
(140,267
)
(138,055
)
Loans, net of allowance for credit losses
12,449,181
10,816,720
10,466,640
10,302,754
10,161,895
Bank premises and equipment, net
160,139
115,392
107,256
108,478
107,555
Other real estate owned
4,250
5,085
5,335
7,176
6,421
Goodwill
1,034,735
754,645
732,417
732,417
732,417
Other intangible assets, net
195,704
76,291
61,328
66,372
71,723
Bank owned life insurance
330,563
323,214
312,860
311,453
308,995
Net deferred tax assets
66,579
74,683
87,328
93,595
102,989
Other assets
431,169
352,503
349,762
339,549
325,485
Total Assets
$
20,842,331
$
16,676,904
$
15,944,955
$
15,732,485
$
15,176,308
Liabilities
Deposits
Noninterest demand
$
3,897,985
$
3,611,920
$
3,376,941
$
3,492,491
$
3,352,372
Interest-bearing demand
3,993,225
2,753,463
2,518,857
2,734,260
2,667,843
Savings
974,694
615,566
557,472
534,991
519,977
Money market
5,141,519
4,396,458
4,111,789
4,154,682
4,086,362
Time deposits
2,248,920
1,712,912
1,932,539
1,658,372
1,615,873
Total Deposits
16,256,343
13,090,319
12,497,598
12,574,796
12,242,427
Securities sold under agreements to repurchase
389,003
236,247
186,090
201,128
232,071
Federal Home Loan Bank borrowings
835,000
690,000
715,000
465,000
245,000
Long-term debt, net
112,761
107,464
107,298
107,132
106,966
Other liabilities
193,437
174,742
167,404
154,689
166,601
Total Liabilities
17,786,544
14,298,772
13,673,390
13,502,745
12,993,065
Shareholders' Equity
Preferred stock
343,125
—
—
—
—
Common stock
9,873
8,864
8,673
8,633
8,628
Additional paid in capital
2,197,549
1,891,111
1,832,158
1,828,234
1,824,935
Retained earnings
603,793
590,384
569,833
542,665
526,642
Less: Treasury stock
(21,358
)
(20,804
)
(20,792
)
(19,072
)
(19,095
)
Total Shareholders' Equity Before Accumulated Other Comprehensive Loss
3,132,982
2,469,555
2,389,872
2,360,460
2,341,110
Accumulated other comprehensive loss, net
(77,195
)
(91,423
)
(118,307
)
(130,720
)
(157,867
)
Total Shareholders' Equity
3,055,787
2,378,132
2,271,565
2,229,740
2,183,243
Total Liabilities & Shareholders' Equity
$
20,842,331
$
16,676,904
$
15,944,955
$
15,732,485
$
15,176,308
Common shares outstanding
97,928
87,856
85,948
85,618
85,568
Series A convertible preferred shares, treating as common1
11,250
—
—
—
—
Total common shares outstanding, treating all preferred shares as common
109,178
87,856
85,948
85,618
85,568
1Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder.
PRESENTATION OF COMMON AND PREFERRED SHARES
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
In the acquisition of Villages Bancorporation, Inc. ("VBI") on October 1, 2025, Seacoast issued to VBI shareholders the following:
October 1, 2025
SBCF common shares
9,923,263
SBCF Series A non-voting convertible preferred shares
11,250
Each 1/1000th preferred share is convertible to one common share on the date a holder of preferred stock transfers such share of preferred stock to a non-affiliate of the holder.
SBCF common shares upon conversion of Series A
11,250,000
Additional performance measures are presented herein to include the treatment of preferred shares as common.
Outstanding shares at period end:
December 31, 2025
Common shares
97,927,843
Series A convertible preferred shares
11,250
Total common shares outstanding, treating all preferred shares as common
109,177,843
Average common shares outstanding:
4Q'25
FY2025
Average common shares - basic
96,816,460
88,275,748
Dilutive effect of employee restricted stock and stock options
944,688
829,953
Average common shares - diluted
97,761,148
89,105,701
Additional common shares, treating all preferred shares as common
11,250,000
2,835,616
Average common shares - diluted, treating all preferred shares as common
109,011,148
91,941,317
Series A non-voting convertible preferred shares earn dividends pro-rata with common shares, or $0.19 per 1/1000 preferred share.
(Amounts in thousands, except per share data)
4Q'25
FY2025
Net Income
$
34,260
$
144,878
Less preferred stock dividends
(2,138
)
(2,138
)
Net income available to common shareholders
32,122
142,740
Less allocation of earnings to preferred stock
(1,429
)
(2,434
)
Net income available to common shareholders after allocation of earnings to preferred stock
$
30,693
$
140,306
Net income available to common shareholders after allocation of earnings to preferred stock
$
30,693
$
140,306
Average common shares - diluted
97,761
89,106
Earnings per common share - diluted
$
0.31
$
1.57
Net Income
$
34,260
$
144,878
Average common shares - diluted, treating all preferred shares as common
109,011
91,941
Earnings per common share - diluted, treating all preferred shares as common1
$
0.31
$
1.58
1Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" and "Presentation of Common and Preferred Shares" for more information and a reconciliation to GAAP. The Company believes a calculation presenting all convertible preferred shares as common provides useful supplemental information to the presentation of common share measures, as we anticipate they will be converted to common shares in the future.
CONSOLIDATED QUARTERLY FINANCIAL DATA
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
(Amounts in thousands)
4Q'25
3Q'25
2Q'25
1Q'25
4Q'24
Credit Analysis
Net charge-offs
$
936
$
3,208
$
2,462
$
7,038
$
6,113
Net charge-offs to average loans
0.03
%
0.12
%
0.09
%
0.27
%
0.24
%
Allowance for credit losses
$
178,803
$
147,453
$
142,184
$
140,267
$
138,055
Non-acquired loans at end of period
9,067,802
8,415,612
8,071,619
7,752,532
7,452,175
Acquired loans at end of period
3,560,182
2,548,561
2,537,205
2,690,489
2,847,775
Total Loans
$
12,627,984
$
10,964,173
$
10,608,824
$
10,443,021
$
10,299,950
Total allowance for credit losses to total loans at end of period
1.42
%
1.34
%
1.34
%
1.34
%
1.34
%
Purchase discount on acquired loans at end of period
4.04
3.86
4.10
4.25
4.30
End of Period
Nonperforming loans
$
72,001
$
60,562
$
64,198
$
71,018
$
92,446
Other real estate owned
859
221
351
1,820
933
Properties previously used in bank operations included in other real estate owned
3,391
4,864
4,984
5,356
5,488
Total Nonperforming Assets
$
76,251
$
65,647
$
69,533
$
78,194
$
98,867
Nonperforming Loans to Loans at End of Period
0.57
%
0.55
%
0.61
%
0.68
%
0.90
%
Nonperforming Assets to Total Assets at End of Period
0.37
0.39
0.44
0.50
0.65
Loans
December 31,
2025
September 30,
2025
June 30,
2025
March 31,
2025
December 31,
2024
Construction and land development
$
723,930
$
616,475
$
603,079
$
618,493
$
648,053
Commercial real estate - owner occupied
2,043,625
1,898,704
1,778,930
1,713,579
1,686,629
Commercial real estate - non-owner occupied
4,254,992
3,766,541
3,624,528
3,513,400
3,503,808
Residential real estate
3,098,859
2,694,794
2,678,042
2,653,012
2,616,785
Commercial and financial
2,320,989
1,807,932
1,741,158
1,753,090
1,651,354
Consumer
185,589
179,727
183,087
191,447
193,321
Total Loans
$
12,627,984
$
10,964,173
$
10,608,824
$
10,443,021
$
10,299,950
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
4Q'25
3Q'25
4Q'24
Average
Yield/
Average
Yield/
Average
Yield/
(Amounts in thousands)
Balance
Interest
Rate
Balance
Interest
Rate
Balance
Interest
Rate
Assets
Earning assets:
Securities:
Taxable
$
5,239,026
$
53,445
4.05
%
$
3,644,261
$
35,975
3.92
%
$
2,843,755
$
26,945
3.77
%
Nontaxable
314,355
4,407
5.56
6,752
54
3.17
5,795
41
2.81
Total Securities
5,553,381
57,852
4.13
3,651,013
36,029
3.92
2,849,550
26,986
3.77
Federal funds sold
987,626
9,828
3.95
258,779
2,896
4.44
470,154
5,690
4.81
Interest-bearing deposits with other banks and other investments
194,680
2,086
4.25
166,683
1,884
4.48
102,961
1,262
4.88
Total Loans, net2
12,374,373
187,910
6.02
10,805,143
162,341
5.96
10,214,493
152,303
5.93
Total Earning Assets
19,110,060
257,676
5.35
%
14,881,618
203,150
5.42
%
13,637,158
186,241
5.43
%
Allowance for credit losses
(173,790
)
(144,051
)
(140,409
)
Cash and due from banks
153,584
166,884
167,197
Bank premises and equipment, net
161,761
114,719
108,589
Intangible assets
1,226,495
827,294
806,710
Bank owned life insurance
328,830
321,754
307,256
Other assets including deferred tax assets
396,451
317,799
317,540
Total Assets
$
21,203,391
$
16,486,017
$
15,204,041
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand
$
4,143,038
$
13,840
1.33
%
$
2,671,750
$
10,623
1.58
%
$
2,581,733
$
11,843
1.82
%
Savings
966,266
1,265
0.52
617,479
1,111
0.71
521,682
582
0.44
Money market
5,250,174
34,883
2.64
4,362,662
31,393
2.85
4,078,714
34,969
3.41
Time deposits
2,367,485
20,914
3.50
1,826,068
16,341
3.55
1,686,004
16,726
3.95
Securities sold under agreements to repurchase
395,271
2,280
2.29
224,328
1,359
2.40
209,909
1,584
3.00
Federal Home Loan Bank borrowings
623,750
6,711
4.27
637,826
6,703
4.17
245,000
2,625
4.26
Long-term debt, net and other
108,459
1,540
5.63
107,372
1,714
6.33
106,881
1,797
6.69
Total Interest-Bearing Liabilities
13,854,443
81,433
2.33
%
10,447,485
69,244
2.63
%
9,429,923
70,126
2.96
%
Noninterest demand
4,086,062
3,541,749
3,417,539
Other liabilities
195,553
151,550
153,527
Total Liabilities
18,136,058
14,140,784
13,000,989
Shareholders' equity
3,067,333
2,345,233
2,203,052
Total Liabilities & Equity
$
21,203,391
$
16,486,017
$
15,204,041
Cost of deposits
1.67
%
1.81
%
2.08
%
Cost of funds3
1.80
1.96
2.17
Interest expense as a % of earning assets
1.69
1.85
2.05
Net interest income as a % of earning assets
$
176,243
3.66
%
$
133,906
3.57
%
$
116,115
3.39
%
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Twelve Months Ended December 31, 2025
Twelve Months Ended December 31, 2024
Average
Yield/
Average
Yield/
(Amounts in thousands, except ratios)
Balance
Interest
Rate
Balance
Interest
Rate
Assets
Earning assets:
Securities:
Taxable
$
3,835,729
$
151,280
3.94
%
$
2,702,763
$
99,456
3.68
%
Nontaxable
83,604
4,543
5.43
5,707
164
2.87
Total Securities
3,919,333
155,823
3.98
2,708,470
99,620
3.68
Federal funds sold
425,320
17,710
4.16
446,149
23,619
5.29
Interest-bearing deposits with other banks and other investments
151,359
6,944
4.59
102,552
4,983
4.86
Total Loans, net2
11,035,340
658,728
5.97
10,096,189
598,411
5.93
Total Earning Assets
15,531,352
839,205
5.40
%
13,353,360
726,633
5.44
%
Allowance for credit losses
(149,478
)
(144,280
)
Cash and due from banks
157,955
167,367
Bank premises and equipment, net
123,456
110,341
Intangible assets
913,906
815,945
Bank owned life insurance
318,261
303,486
Other assets including deferred tax assets
340,007
327,539
Total Assets
$
17,235,459
$
14,933,758
Liabilities and Shareholders' Equity
Interest-bearing liabilities:
Interest-bearing demand
$
3,038,889
$
45,781
1.51
%
$
2,614,893
$
54,960
2.10
%
Savings
665,860
3,955
0.59
570,046
2,283
0.40
Money market
4,473,830
127,644
2.85
3,775,352
140,967
3.73
Time deposits
1,887,214
67,348
3.57
1,656,269
70,777
4.27
Securities sold under agreements to repurchase
252,168
6,210
2.46
269,255
9,390
3.49
Federal Home Loan Bank borrowings
592,946
25,294
4.27
183,962
7,726
4.20
Long-term debt, net and other
107,523
6,666
6.20
106,624
7,485
7.02
Total Interest-Bearing Liabilities
11,018,430
282,898
2.57
%
9,176,401
293,588
3.20
%
Noninterest demand
3,582,837
3,455,907
Other liabilities
162,256
149,389
Total Liabilities
14,763,523
12,781,697
Shareholders' equity
2,471,936
2,152,061
Total Liabilities & Equity
$
17,235,459
$
14,933,758
Cost of deposits
1.79
%
2.23
%
Cost of funds3
1.94
2.32
Interest expense as a % of earning assets
1.82
2.20
Net interest income as a % of earning assets
$
556,307
3.58
%
$
433,045
3.24
%
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
2Fees on loans have been included in interest on loans. Nonaccrual loans are included in loan balances.
3Total interest expense as a percentage of total interest-bearing liabilities and noninterest demand deposits.
CONSOLIDATED QUARTERLY FINANCIAL DATA
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
December 31,
September 30,
June 30,
March 31,
December 31,
(Amounts in thousands)
2025
2025
2025
2025
2024
Customer Relationship Funding
Noninterest demand
Commercial
$
3,053,115
$
2,933,228
$
2,717,688
$
2,830,497
$
2,621,469
Retail
672,779
508,204
509,539
536,661
502,967
Public funds
112,548
96,396
81,448
64,184
177,742
Other
59,543
74,092
68,266
61,149
50,194
Total Noninterest Demand
3,897,985
3,611,920
3,376,941
3,492,491
3,352,372
Interest-bearing demand
Commercial
1,534,289
1,586,997
1,466,184
1,520,186
1,467,508
Retail
2,047,462
976,318
838,340
881,282
881,236
Brokered
—
—
—
—
49,287
Public funds
411,474
190,148
214,333
332,792
269,812
Total Interest-Bearing Demand
3,993,225
2,753,463
2,518,857
2,734,260
2,667,843
Total transaction accounts
Commercial
4,587,404
4,520,225
4,183,872
4,350,683
4,088,977
Retail
2,720,241
1,484,522
1,347,879
1,417,943
1,384,203
Brokered
—
—
—
—
49,287
Public funds
524,022
286,544
295,781
396,976
447,554
Other
59,543
74,092
68,266
61,149
50,194
Total Transaction Accounts
7,891,210
6,365,383
5,895,798
6,226,751
6,020,215
Savings
Commercial
43,189
43,102
45,531
42,879
40,303
Retail
931,505
572,464
511,941
492,112
479,674
Total Savings
974,694
615,566
557,472
534,991
519,977
Money market
Commercial
2,334,255
2,303,584
2,073,098
1,999,540
1,947,250
Retail
2,584,398
1,898,375
1,853,398
1,967,239
1,925,330
Public funds
222,866
194,499
185,293
187,903
213,782
Total Money Market
5,141,519
4,396,458
4,111,789
4,154,682
4,086,362
Brokered time certificates
120,865
189,561
515,303
262,461
244,351
Time deposits
2,128,055
1,523,351
1,417,236
1,395,911
1,371,522
2,248,920
1,712,912
1,932,539
1,658,372
1,615,873
Total Deposits
$
16,256,343
$
13,090,319
$
12,497,598
$
12,574,796
$
12,242,427
Securities sold under agreements to repurchase
389,003
236,247
186,090
201,128
232,071
Total customer funding1
$
16,524,481
$
13,137,005
$
12,168,385
$
12,513,463
$
12,180,860
1Total deposits and securities sold under agreements to repurchase, excluding brokered deposits. Securities sold under agreements to repurchase consists of customer sweep accounts.
Explanation of Certain Unaudited Non-GAAP Financial Measures
This presentation contains financial information determined by methods other than Generally Accepted Accounting Principles (“GAAP”). Management uses these non-GAAP financial measures in its analysis of the Company’s performance and believes these presentations provide useful supplemental information, and a clearer understanding of the Company’s performance. The Company believes the non-GAAP measures enhance investors’ understanding of the Company’s business and performance and if not provided would be requested by the investor community. These measures are also useful in understanding performance trends and facilitate comparisons with the performance of other financial institutions. The limitations associated with operating measures are the risk that persons might disagree as to the appropriateness of items comprising these measures and that different companies might define or calculate these measures differently. The Company provides reconciliations between GAAP and these non-GAAP measures. These disclosures should not be considered an alternative to GAAP.
GAAP TO NON-GAAP RECONCILIATION
(Unaudited)
SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES
Quarterly Trends
Twelve Months Ended
(Amounts in thousands, except per share data)
4Q'25
3Q'25
2Q'25
1Q'25
4Q'24
4Q'25
4Q'24
Net Income
$
34,260
$
36,467
$
42,687
$
31,464
$
34,085
$
144,878
$
120,986
Total noninterest income
28,631
23,818
24,521
22,180
17,068
99,150
83,428
Securities (gains) losses, net
(84
)
841
(39
)
(196
)
8,388
522
8,016
Total Adjusted Noninterest Income
28,547
24,659
24,482
21,984
25,456
99,672
91,444
Total noninterest expense
130,546
101,987
91,730
90,597
85,575
414,860
343,301
Merger and integration costs
(18,142
)
(10,808
)
(2,422
)
(1,051
)
—
(32,423
)
—
Business continuity expenses - hurricane events
—
—
—
—
(280
)
—
(280
)
Branch reductions and other expense initiatives
—
—
—
—
—
—
(7,094
)
Total Adjustments to Noninterest Expense
(18,142
)
(10,808
)
(2,422
)
(1,051
)
(280
)
(32,423
)
(7,374
)
Adjusted Noninterest Expense
112,404
91,179
89,308
89,546
85,295
382,437
335,927
Income Taxes
9,192
10,461
12,589
9,386
9,513
41,628
34,854
Tax effect of adjustments
4,577
2,952
604
217
2,197
8,350
3,900
Adjusted Income Taxes
13,769
13,413
13,193
9,603
11,710
49,978
38,754
Adjusted Net Income
47,741
45,164
44,466
32,102
40,556
169,473
132,476
Earnings per common share-diluted, as reported
0.31
0.42
0.50
0.37
0.40
1.57
1.42
Adjusted Earnings per Common Share-Diluted
0.44
0.52
0.52
0.38
0.48
1.84
1.56
Adjusted Earnings per Common Share-Diluted, Treating all Preferred Shares as Common
$
0.44
$
0.52
$
0.52
$
0.38
$
0.48
$
1.84
$
1.56
Average common shares-diluted
97,761
87,425
85,479
85,388
85,302
89,106
85,040
Average preferred shares, treating all preferred shares as common
11,250
—
—
—
—
2,836
—
Average common shares-diluted, treating all preferred shares as common
109,011
87,425
85,479
85,388
85,302
91,941
85,040
Adjusted Noninterest Expense
$
112,404
$
91,179
$
89,308
$
89,546
$
85,295
$
382,437
$
335,927
Provision for credit losses on unfunded commitments
(812
)
(150
)
(150
)
(150
)
(250
)
(1,262
)
(1,001
)
Other real estate owned expense and net gain (loss) on sale
29
346
(8
)
(241
)
(84
)
126
(440
)
Amortization of intangibles
(10,374
)
(6,005
)
(5,131
)
(5,309
)
(5,587
)
(26,819
)
(23,884
)
Net Adjusted Noninterest Expense
101,247
85,370
84,019
83,846
79,374
354,482
310,602
Average tangible assets
$
19,976,896
$
15,658,723
$
15,004,763
$
14,593,955
$
14,397,331
$
16,321,553
$
14,117,813
Net Adjusted Noninterest Expense to Average Tangible Assets
2.01
%
2.16
%
2.25
%
2.33
%
2.19
%
2.17
%
2.20
%
Net Revenue
$
203,258
$
157,286
$
151,385
$
140,697
$
132,872
$
652,626
$
515,399
Total Adjustments to Net Revenue
(84
)
841
(39
)
(196
)
8,388
522
8,016
Impact of FTE adjustment
1,617
438
431
340
311
2,832
1,074
Adjusted Net Revenue on a FTE basis
$
204,791
$
158,565
$
151,777
$
140,841
$
141,571
$
655,980
$
524,489
Adjusted Efficiency Ratio
54.50
%
57.63
%
58.74
%
63.30
%
60.01
%
58.13
%
63.77
%
Net Interest Income
$
174,627
$
133,468
$
126,864
$
118,517
$
115,804
$
553,476
$
431,971
Impact of FTE adjustment
1,617
438
431
340
311
2,832
1,074
Net Interest Income including FTE adjustment
176,244
133,906
127,295
118,857
116,115
556,308
433,045
Total noninterest income
28,631
23,818
24,521
22,180
17,068
99,150
83,428
Total noninterest expense less provision for credit losses on unfunded commitments
129,734
101,837
91,580
$
90,447
85,325
413,598
342,300
Pre-Tax Pre-Provision Earnings
75,141
55,887
60,236
50,590
47,858
241,860
174,173
Total Adjustments to Noninterest Income
(84
)
841
(39
)
(196
)
8,388
522
8,016
Total Adjustments to Noninterest Expense including other real estate owned expense and net gain (loss) on sale
18,113
10,462
2,430
1,292
364
32,297
7,814
Adjusted Pre-Tax Pre-Provision Earnings
$
93,170
$
67,190
$
62,627
$
51,686
$
56,610
$
274,679
$
190,003
Average Assets
$
21,203,391
$
16,486,017
$
15,801,194
$
15,395,642
$
15,204,041
$
17,235,459
$
14,933,758
Less average goodwill and intangible assets
(1,226,495
)
(827,294
)
(796,431
)
(801,687
)
(806,710
)
(913,906
)
(815,945
)
Average Tangible Assets
$
19,976,896
$
15,658,723
$
15,004,763
$
14,593,955
$
14,397,331
$
16,321,553
$
14,117,813
Return on Average Assets (ROA)
0.64
%
0.88
%
1.08
%
0.83
%
0.89
%
0.84
%
0.81
%
Impact of other adjustments for Adjusted Net Income
0.25
0.21
0.05
0.02
0.17
0.14
0.08
Adjusted ROA
0.89
1.09
1.13
0.85
1.06
0.98
0.89
ROA
0.64
0.88
1.08
0.83
0.89
0.84
0.81
Impact of removing average intangible assets and related amortization
0.19
0.16
0.16
0.15
0.17
0.17
0.17
Return on Average Tangible Assets (ROTA)
0.83
1.04
1.24
0.98
1.06
1.01
0.98
Impact of other adjustments for Adjusted Net Income
0.27
0.22
0.05
0.02
0.18
0.15
0.08
Adjusted ROTA
1.10
1.26
1.29
1.00
1.24
1.16
1.06
Return on Average Equity (ROE)
4.43
6.17
7.60
5.76
6.16
5.86
5.62
Impact of other adjustments for Adjusted Net Income
1.75
1.47
0.32
0.12
1.16
1.00
0.54
Adjusted ROE
6.17
%
7.64
%
7.92
%
5.88
%
7.32
%
6.86
%
6.16
%
Average Shareholders' Equity
$
3,067,333
$
2,345,233
$
2,252,208
$
2,214,995
$
2,203,052
$
2,471,936
$
2,152,061
Less average goodwill and intangible assets
(1,226,495
)
(827,294
)
(796,431
)
(801,687
)
(806,710
)
(913,906
)
(815,945
)
Average Tangible Equity
$
1,840,838
$
1,517,939
$
1,455,777
$
1,413,308
$
1,396,342
$
1,558,030
$
1,336,116
Return on Average Shareholders' Equity
4.43
%
6.17
%
7.60
%
5.76
%
6.16
%
5.86
%
5.62
%
Impact of removing average intangible assets and related amortization
4.62
4.53
5.22
4.41
4.74
4.72
4.77
Return on Average Tangible Equity (ROTE)
9.05
10.70
12.82
10.17
10.90
10.58
10.39
Impact of other adjustments for Adjusted Net Income
2.91
2.28
0.49
0.18
1.84
1.58
0.86
Adjusted ROTE
11.96
%
12.98
%
13.31
%
10.35
%
12.74
%
12.16
%
11.25
%
Loan interest income1
$
187,910
$
162,341
$
157,499
$
150,973
$
152,303
$
658,728
$
598,411
Accretion on acquired loans
(10,645
)
(9,543
)
(10,583
)
(8,221
)
(11,717
)
(38,992
)
(41,672
)
Loan interest income excluding accretion on acquired loans1
$
177,265
$
152,798
$
146,916
$
142,752
$
140,586
$
619,736
$
556,739
Yield on loans1
6.02
%
5.96
%
5.98
%
5.90
%
5.93
%
5.97
%
5.93
%
Impact of accretion on acquired loans
(0.34
)
(0.35
)
(0.40
)
(0.32
)
(0.45
)
(0.35
)
(0.42
)
Yield on loans excluding accretion on acquired loans1
5.68
%
5.61
%
5.58
%
5.58
%
5.48
%
5.62
%
5.51
%
Net Interest Income1
$
176,244
$
133,906
$
127,295
$
118,857
$
116,115
$
556,308
$
433,045
Accretion on acquired loans
(10,645
)
(9,543
)
(10,583
)
(8,221
)
(11,717
)
(38,992
)
(41,672
)
Net interest income excluding accretion on acquired loans1
$
165,599
$
124,363
$
116,712
$
110,636
$
104,398
$
517,316
$
391,373
Net Interest Margin1
3.66
%
3.57
%
3.58
%
3.48
%
3.39
%
3.58
%
3.24
%
Impact of accretion on acquired loans
(0.22
)
(0.25
)
(0.29
)
(0.24
)
(0.34
)
(0.26
)
(0.31
)
Net interest margin excluding accretion on acquired loans1
3.44
%
3.32
%
3.29
%
3.24
%
3.05
%
3.33
%
2.93
%
Securities interest income1
$
57,852
$
36,029
$
32,519
$
29,422
$
26,986
$
155,823
$
99,620
Tax equivalent adjustment on securities
(1,114
)
(10
)
(7
)
(7
)
(7
)
(1,139
)
(29
)
Securities interest income excluding tax equivalent adjustment1
56,738
36,019
32,512
29,415
26,979
154,684
99,591
Loan interest income1
187,910
162,341
157,499
150,973
152,303
658,728
598,411
Tax equivalent adjustment on loans
(503
)
(428
)
(424
)
(333
)
(304
)
(1,693
)
(1,045
)
Loan interest income excluding tax equivalent adjustment
$
187,407
$
161,913
$
157,075
$
150,640
$
151,999
$
657,035
$
597,366
Net Interest Income1
$
176,243
$
133,906
$
127,295
$
118,857
$
116,115
$
556,307
$
433,045
Tax equivalent adjustment on securities
(1,114
)
(10
)
(7
)
(7
)
(7
)
(1,139
)
(29
)
Tax equivalent adjustment on loans
(503
)
(428
)
(424
)
(333
)
(304
)
(1,693
)
(1,045
)
Net interest income excluding tax equivalent adjustments
$
174,626
$
133,468
$
126,864
$
118,517
$
115,804
$
553,475
$
431,971
1On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost.
View source version on businesswire.com: https://www.businesswire.com/news/home/20260129494375/en/
Michael Young
Chief Strategy Officer & Treasurer
Seacoast Banking Corporation of Florida
(772) 403-0451
Original: Seacoast Reports Fourth Quarter and Full Year 2025 Results
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