Seacoast Banking Corporation of Florida (SBCF)

I'm not sure much will change with the realigned Board.

Seacoast Banking Corporation of Florida to Announce First Quarter Earnings Results April 28, 2026April 2, 2026 4:01 PM
Business Wire
Investors May Listen to Live Webcast


Seacoast Banking Corporation of Florida (NASDAQ: SBCF), a bank holding company whose operating entity is Seacoast Bank, today announced it will release first quarter 2026 results on April 28th, after the market closes. Upon release, investors may access a copy of Seacoast’s earnings results at the company’s website www.SeacoastBanking.com on the home page by selecting “Press Releases” under the heading “News/Events.”


Seacoast will host a conference call April 29th at 10:00 a.m. Eastern Time, to discuss the first quarter 2026 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 4307965). 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 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 and insurance services to customers at 104 full-service branches across Florida and Georgia, 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 the third quarter of 2026. For more information about Seacoast, visit www.SeacoastBanking.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260402341057/en/
Michael Young

Chief Strategy Officer & Treasurer

Seacoast Banking Corporation of Florida

(772) 403-0451


Original: Seacoast Banking Corporation of Florida to Announce First Quarter Earnings Results April 28, 2026

Seacoast Banking Corporation of Florida Appoints Three New Independent DirectorsMarch 26, 2026 4:01 PM
Business Wire
Seacoast Banking Corporation of Florida (“Seacoast”) (NASDAQ: SBCF) announced today that it has appointed Michael (“Mike”) E. Griffin, Kathleen (“Kathy”) B. Kay and Randolph (“Randy”) A. Moore, III, to the Board of Directors of both the company and its bank subsidiary, Seacoast National Bank (“Seacoast Bank”).


“During the first quarter of 2026, we proactively refreshed our Board to align its capabilities with Seacoast’s strategic priorities and to prepare for anticipated director retirements in the coming years,” said Charles M. Shaffer, Chairman and CEO of Seacoast. “By adding directors with deep expertise in Florida commercial real estate, technology and information security, and legal and financial services governance, we are strengthening board oversight, reinforcing disciplined succession planning, and building a governance framework designed to support long-term shareholder value.”


Mr. Griffin is Vice Chairman and Co-Head of the Florida region at Savills, Inc., a global commercial real estate advisory firm. He brings more than 22 years of senior-level commercial real estate experience, having advised some of the largest real estate users across the Southeastern United States. Mr. Griffin previously served as Senior Vice President of Vertical Integration, a full-service commercial real estate firm acquired by Savills, where he held leadership roles for over eight years. Mr. Griffin’s leadership experience and deep market knowledge are expected to further strengthen the Seacoast and Seacoast Bank Boards’ oversight and strategic perspective.


Ms. Kay is the Executive Vice President and Chief Information Officer at Principal Financial Group® (NASDAQ: PFG), a global financial services firm specializing in retirement solutions, asset management, and workplace benefits for businesses, individuals, and institutional clients. She has held this position since May 2020. In her role, Ms. Kay is responsible for overseeing the company’s global technology and digital strategies, including information technology operations, information security, data and analytics, artificial intelligence, and enterprise innovation. Prior to joining Principal Financial Group in 2020, Ms. Kay served as Senior Vice President and Chief Information Officer of Pacific Gas & Electric Company and has held senior leadership roles at SunTrust, Comerica Bank, and General Motors. Ms. Kay brings deep expertise in cybersecurity, information security, and technology risk management, with responsibility for global IT operations, cyber defense, data and analytics, and digital strategy to the Seacoast and Seacoast Bank boards.


Mr. Moore recently retired as a senior partner from Alston & Bird, LLP, where he practiced law for more than 30 years, focusing on mergers and acquisitions, corporate governance, SEC compliance, and corporate finance, with a particular emphasis on the financial services industry. His practice included extensive experience advising banks and bank holding companies, as well as investment advisers, broker-dealers, and insurance companies. Mr. Moore regularly counseled public and private company boards and executive management teams on complex corporate transactions, public and private offerings of equity, debt, and hybrid securities, and strategic, regulatory and compliance matters. Mr. Moore brings extensive legal, corporate governance, and regulatory expertise to the Seacoast and Seacoast Bank Boards.


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 and insurance services to customers at 104 full-service branches across Florida and Georgia, 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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20260326266895/en/
Michael Young

Chief Strategy Officer & Treasurer

Seacoast Banking Corporation of Florida

(772) 403-0451


Original: Seacoast Banking Corporation of Florida Appoints Three New Independent Directors

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