Seacoast Banking Corporation of Florida

Seacoast reported net income of $59.5 million, or $0.55 per diluted share, up 39% year over year, and adjusted net income of $65.8 million, or $0.61 per share. Adjusted pre-tax pre-provision earnings were $95.5 million, up 52% from a year ago. Net interest income totaled $182.2 million, up $4 million sequentially, and the net interest margin was 3.83%; excluding accretion on acquired loans, core NIM expanded 8 basis points to 3.65%. Adjusted noninterest income was $27.8 million, up 3% sequentially and 14% year over year. Noninterest expense was $123.1 million including $8.4 million of merger and integration costs; excluding merger charges it was $114.8 million, and the adjusted efficiency ratio was 54.5%. Loans ended at $13.1 billion, up 16% annualized sequentially and 8% annualized year to date, while deposits increased $154 million, or 3.7% annualized, and demand deposits grew 4% annualized to $4.2 billion. The cost of deposits declined to 1.53%, net charge-offs were 10 basis points of average loans, and the allowance for credit losses was 1.38% of total loans. Tangible equity to tangible assets was 9.3%, tangible book value per share grew 8% annualized, and the company repurchased just over 750,000 shares in the quarter. Management reiterated 2026 guidance for high-single-digit loan growth and said the last expected Villages-related costs will occur in the third quarter.

Chuck Shaffer framed the quarter as another strong step for a diversified franchise, emphasizing disciplined execution, strong organic growth, and a record commercial pipeline of about $1.3 billion. He said the successful Citizens First/Villages conversion was a major milestone and noted the company can now focus more fully on organic growth, operating leverage, and disciplined financial performance. His tone was upbeat and confident, repeatedly saying Seacoast is exceptionally well positioned, with strong liquidity, capital, and growth opportunities across Florida.

Tracey Dexter highlighted continued profitability and operating leverage, citing adjusted EPS of $0.61, adjusted pre-tax pre-provision earnings of $95.5 million, and a 54.5% adjusted efficiency ratio. She noted core NIM expansion to 3.65%, NII of $182.2 million, and adjusted noninterest income of $27.8 million, with wealth management revenue up 42% year over year and AUM up 45% year over year. On the balance sheet, she pointed to loans at $13.1 billion, deposits up $154 million, a 1.53% cost of deposits, an ACL of 1.38% of loans, tangible equity to tangible assets of 9.3%, and continued share repurchases of just over 750,000 shares.

Analysts focused on whether Seacoast’s strong loan growth and expanding pipeline could persist, how larger and more complex credits might change the loan profile, and what the company sees on deposit pricing and competition. Management said they are disciplined on hold limits and concentration, are seeing opportunities to bank larger clients with operating balances and treasury management relationships, and still expect high-single-digit full-year loan growth. On competition, management said the market is “hypercompetitive,” add-on rates in commercial were in the low sixes, and some competitors are loosening leverage standards, but Seacoast said it will not chase weaker underwriting even if that means giving up some price.