Net Interest Margin Expands Nine Basis Points to 3.48%
Annualized Growth in Deposits of 11% and in Loans of 6%
Well-Positioned Balance Sheet with Strong Capital and Liquidity
STUART, Fla.–(BUSINESS WIRE)–Seacoast Banking Corporation of Florida (“Seacoast” or the “Company”) (NASDAQ: SBCF) today reported net income in the first quarter of 2025 of $31.5 million, or $0.37 per diluted share, compared to $34.1 million, or $0.40 per diluted share, in the fourth quarter of 2024 and $26.0 million, or $0.31 per diluted share, in the first quarter of 2024.
Adjusted net income1 for the first quarter of 2025 was $32.1 million, or $0.38 per diluted share, compared to $40.6 million, or $0.48 per diluted share, in the fourth quarter of 2024 and $31.1 million, or $0.37 per diluted share, in the first quarter of 2024.
Pre-tax pre-provision earnings1 were $50.6 million in the first quarter of 2025, an increase of $2.7 million, or 6%, compared to the fourth quarter of 2024 and an increase of $14.9 million, or 42%, compared to the first quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $51.7 million in the first quarter of 2025, a decrease of $4.9 million, or 9%, compared to the fourth quarter of 2024 and an increase of $9.2 million, or 22%, compared to the first quarter of 2024.
For the first quarter of 2025, return on average tangible assets was 0.98% and return on average tangible shareholders’ equity was 10.17%, compared to 1.06% and 10.90%, respectively, in the prior quarter, and 0.89% and 9.55%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the first quarter of 2025 was 1.00% and adjusted return on average tangible shareholders’ equity1 was 10.35%, compared to 1.24% and 12.74%, respectively, in the prior quarter, and 1.04% and 11.15%, respectively, in the prior year quarter.
Charles M. Shaffer, Seacoast’s Chairman and CEO, said, “Seacoast’s investments in recent years in high-performing revenue producing talent continued to drive disciplined loan and strong deposit growth this quarter, and the late-stage pipeline continues to build entering the second quarter. We believe that our granular deposit franchise and ample liquidity position us well for continued growth and for the additional expansion of net interest margin, which increased nine basis points compared to the prior quarter.”
Shaffer added, “In the first quarter of 2025, we grew our market presence in the Fort Lauderdale and Tampa regions by adding new branches and bankers, and we announced the proposed acquisition of Heartland Bancshares, Inc., which will bring us four additional locations in Central Florida. We believe that this expansion into some of the best banking markets in the United States will support strong value creation in the coming years.”
Shaffer concluded, “As volatility in macroeconomic conditions has increased, we remain well positioned for a wide range of outcomes, with an industry leading capital position and excess liquidity. Our fortress balance sheet provides Seacoast durability and optionality allowing us to be a pillar of strength to support our clients and communities.”
Acquisition Update
On February 27, 2025, the Company announced its proposed acquisition of Heartland Bancshares, Inc. (“Heartland”). The transaction, which is expected to close in the third quarter of 2025, will expand the Company’s presence in Central Florida. Heartland operates four branches, with total assets of approximately $763 million and deposits of approximately $666 million as of March 31, 2025.
Financial Results
Income Statement
- Net income in the first quarter of 2025 was $31.5 million, or $0.37 per diluted share, compared to $34.1 million, or $0.40 per diluted share, in the prior quarter and $26.0 million, or $0.31 per diluted share, in the prior year quarter. Adjusted net income1 for the first quarter of 2025 was $32.1 million, or $0.38 per diluted share, compared to $40.6 million, or $0.48 per diluted share, for the prior quarter, and $31.1 million, or $0.37 per diluted share, for the prior year quarter.
- Net revenues were $140.7 million in the first quarter of 2025, an increase of $7.8 million, or 6%, compared to the prior quarter, and an increase of $15.1 million, or 12%, compared to the prior year quarter. Adjusted net revenues1 were $140.8 million in the first quarter of 2025, a decrease of $0.7 million, or 1%, compared to the prior quarter, and an increase of $15.3 million, or 12%, compared to the prior year quarter.
- Pre-tax pre-provision earnings1 were $50.6 million in the first quarter of 2025, an increase of $2.7 million, or 6%, compared to the fourth quarter of 2024 and an increase of $14.9 million, or 42%, compared to the first quarter of 2024. Adjusted pre-tax pre-provision earnings1 were $51.7 million in the first quarter of 2025, a decrease of $4.9 million, or 9%, compared to the fourth quarter of 2024 and an increase of $9.2 million, or 22%, compared to the first quarter of 2024.
- Net interest income totaled $118.5 million in the first quarter of 2025, an increase of $2.7 million, or 2%, compared to the prior quarter, and an increase of $13.4 million, or 13%, compared to the prior year quarter. The increase in the first quarter of 2025 was largely driven by lower deposit costs, which declined 15 basis points when compared to the fourth quarter of 2024. Securities income increased $2.4 million, or 9%, primarily the result of securities purchases during the quarter. Interest income on loans declined by $1.4 million in the first quarter of 2025, with higher core yields more than offset by lower accretion on acquired loans and lower day count. Included in loan interest income was accretion on acquired loans of $8.2 million in the first quarter of 2025, $11.7 million in the fourth quarter of 2024, and $10.6 million in the first quarter of 2024.
- Net interest margin increased nine basis points to 3.48% in the first quarter of 2025 compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 19 basis points to 3.24% in the first quarter of 2025 compared to 3.05% in the fourth quarter of 2024. Loan yields were 5.90%, a decrease of three basis points from the prior quarter attributed to lower accretion on acquired loans. Securities yields increased 11 basis points to 3.88%, compared to 3.77% in the prior quarter, benefiting from new purchases. The cost of deposits declined 15 basis points from 2.08% in the prior quarter to 1.93% in the first quarter of 2025.
- The provision for credit losses was $9.3 million in the first quarter of 2025, compared to $3.7 million in the fourth quarter of 2024 and $1.4 million in the first quarter of 2024. The increase in provision in the first quarter of 2025 reflects higher loan growth and recent heightened volatility in macroeconomic conditions. Allowance coverage of 1.34% remains flat compared to December 31, 2024.
- Noninterest income totaled $22.2 million in the first quarter of 2025, an increase of $5.1 million, or 30%, compared to the prior quarter, and an increase of $1.7 million, or 8%, compared to the prior year quarter. Results in the first quarter of 2025 included:
- Service charges on deposits totaled $5.2 million, near flat from the prior quarter despite the lower day count, and an increase of $0.2 million, or 4%, from the prior year quarter. Our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers compared to the prior year.
- Wealth management income totaled $4.2 million, an increase of $0.2 million, or 6%, from the prior quarter and an increase of $0.7 million, or 20%, from the prior year quarter. Assets under management have grown 14% year over year.
- Insurance agency income totaled $1.6 million, an increase of $0.5 million, or 41%, from the prior quarter and an increase of $0.3 million, or 25%, from the prior year quarter, reflecting seasonally strong results and continued growth in the business.
- Other income totaled $6.3 million, a decrease of $4.1 million, or 39%, from the prior quarter and an increase of $0.3 million, or 5%, from the prior year quarter. Compared to the fourth quarter of 2024, gains on SBIC investments were lower by $2.9 million, and gains on loan sales were lower by $1.0 million.
- Securities gains of $0.2 million in the first quarter of 2025 resulted from increases in the value of investments in mutual funds that invest in CRA-qualified debt securities. The fourth quarter of 2024 included an $8.0 million loss on the repositioning of a portion of the available-for-sale securities portfolio.
- Noninterest expense was $90.6 million in the first quarter of 2025, an increase of $5.0 million, or 6%, compared to the prior quarter, and an increase of $0.2 million compared to the prior year quarter. Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the first quarter of 2025 included:
- Salaries and wages totaled $42.2 million, a decrease of $0.1 million from the prior quarter and an increase of $1.9 million, or 5%, from the prior year quarter, reflecting the successful recruiting and onboarding of banking teams and talent across our footprint. During the quarter, the Company added 10 revenue producing bankers to the team.
- Employee benefits totaled $8.9 million, an increase of $2.3 million, or 35%, compared to the prior quarter and an increase of $1.0 million, or 12%, from the prior year quarter, reflecting higher seasonal payroll taxes and 401(k) contributions.
- Outsourced data processing costs totaled $8.5 million, an increase of $0.2 million, or 2%, compared to the prior quarter and a decrease of $3.6 million, or 30%, from the prior year quarter.
- Occupancy costs totaled $7.4 million, an increase of $0.1 million, or 2%, compared to the prior quarter and a decrease of $0.7 million, or 9%, from the prior year quarter. During the quarter, the Company opened two new branch locations.
- Marketing expenses totaled $2.7 million, reflecting an increase of $0.6 million, or 29%, compared to the prior quarter and an increase of $0.1 million, or 3%, from the prior year quarter, primarily associated with the timing of various campaigns to support customer growth initiatives.
- Legal and professional fees totaled $2.7 million, a decrease of $0.1 million, or 2%, compared to the prior quarter and an increase of $0.6 million, or 27%, from the prior year quarter.
- Merger-related charges totaled $1.1 million in the first quarter of 2025.
- Seacoast recorded $9.4 million of income tax expense in the first quarter of 2025, compared to $9.5 million in the fourth quarter of 2024, and $7.8 million in the first quarter of 2024. Tax expense related to stock-based compensation was immaterial in each period.
- The efficiency ratio was 60.28% in the first quarter of 2025, compared to 56.26% in the fourth quarter of 2024 and 66.78% in the prior year quarter. The adjusted efficiency ratio1 was 59.53% in the first quarter of 2025, compared to 56.07% in the fourth quarter of 2024 and 61.13% in the prior year quarter. The increase in the efficiency ratio quarter over quarter reflects seasonal expense trends, including higher seasonal payroll taxes and 401(k) contributions. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
- At March 31, 2025, the Company had total assets of $15.7 billion and total shareholders’ equity of $2.2 billion. Book value per share was $26.04 as of March 31, 2025, compared to $25.51 as of December 31, 2024, and $24.93 as of March 31, 2024. Tangible book value per share was $16.71 as of March 31, 2025, compared to $16.12 as of December 31, 2024, and $15.26 as of March 31, 2024. Year over year tangible book value per share increased 10%.
- Debt securities totaled $3.3 billion as of March 31, 2025, an increase of $390.9 million compared to December 31, 2024. The first quarter of 2025 included strategic purchases in connection with the announcement of the Heartland acquisition. The Company purchased $412 million in available-for-sale securities at a 5.7% taxable equivalent yield, which were funded with FHLB borrowings at a weighted-average rate of 4.3% until the expected date of acquisition close. Debt securities include approximately $2.6 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 $624.7 million in securities classified as held-to-maturity with a fair value of $509.8 million. Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by U.S. government agencies, each of which is expected to recover any price depreciation over its holding period as the debt securities move to maturity. The Company has significant liquidity and available borrowing capacity and has the intent and ability to hold these investments to maturity.
- Loans increased $143.1 million, or 5.6% annualized, totaling $10.4 billion as of March 31, 2025. 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 banks across its markets.
- Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled $981.6 million as of March 31, 2025, compared to $693.3 million at December 31, 2024 and $572.9 million at March 31, 2024.
- Commercial pipelines were $884.9 million as of March 31, 2025, compared to $605.4 million at December 31, 2024, and $498.6 million at March 31, 2024. The increase in pipeline reflects the addition of revenue producing talent on-boarding new relationships.
- SBA pipelines were $19.2 million as of March 31, 2025, compared to $28.8 million at December 31, 2024, and $15.6 million at March 31, 2024.
- Saleable residential pipelines were $15.5 million as of March 31, 2025, compared to $6.7 million at December 31, 2024, and $9.3 million at March 31, 2024. Retained residential pipelines were $37.5 million as of March 31, 2025, compared to $35.1 million at December 31, 2024, and $24.4 million at March 31, 2024.
- Consumer pipelines were $24.4 million as of March 31, 2025, compared to $17.4 million at December 31, 2024 and $25.1 million at March 31, 2024.
- Total deposits were $12.6 billion as of March 31, 2025, an increase of $332.4 million, or 11.0% annualized, when compared to December 31, 2024.
- Total noninterest bearing deposits increased $140.1 million, or 17.0% annualized.
- At March 31, 2025, customer transaction account balances represented 50% of total deposits.
- The Company benefits from a granular deposit franchise, with the top ten depositors representing approximately 3% of total deposits.
- Average deposits per banking center were $159 million at March 31, 2025, compared to $156 million at March 31, 2024.
- Consumer deposits represent 41% of overall deposit funding with an average consumer customer balance of $26 thousand. Commercial deposits represent 59% of overall deposit funding with an average business customer balance of $115 thousand.
- Federal Home Loan Bank advances totaled $465.0 million at March 31, 2025 with a weighted-average interest rate of 4.26% during the first quarter of 2025, compared to advances outstanding of $245.0 million at December 31, 2024 with a weighted-average interest rate of 4.19% in the fourth quarter of 2024. The Company utilized short-term fixed-rate advances to fund securities purchases in the first quarter of 2025.
Asset Quality
- The ratio of criticized and classified loans to total loans was 2.41% at March 31, 2025, compared to 2.17% at December 31, 2024, and 2.40% at March 31, 2024.
- Nonperforming loans were $71.0 million at March 31, 2025, compared to $92.4 million at December 31, 2024, and $77.2 million at March 31, 2024. Nonperforming loans to total loans outstanding were 0.68% at March 31, 2025, 0.90% at December 31, 2024, and 0.77% at March 31, 2024.
- Accruing past due loans were $17.2 million, or 0.16% of total loans, at March 31, 2025, compared to $15.6 million, or 0.15% of total loans, at December 31, 2024, and $29.5 million, or 0.30% of total loans, at March 31, 2024.
- Nonperforming assets to total assets were 0.50% at March 31, 2025, compared to 0.65% at December 31, 2024, and 0.57% at March 31, 2024.
- The ratio of allowance for credit losses to total loans was 1.34% at March 31, 2025, 1.34% at December 31, 2024, and 1.47% at March 31, 2024.
- Net charge-offs were $7.0 million in the first quarter of 2025, compared to $6.1 million in the fourth quarter of 2024 and $3.6 million in the first quarter of 2024.
- 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. Seacoast’s average loan size is $426 thousand, and the average commercial loan size is $838 thousand, reflecting an ability to maintain granularity within the overall loan portfolio.
- Construction and land development and commercial real estate loans remain well below regulatory guidance as of March 31, 2025 at 36% and 236% of total bank-level risk-based capital2, respectively, compared to 38% and 237%, respectively, at December 31, 2024. On a consolidated basis and as of March 31, 2025, construction and land development and commercial real estate loans represent 34% and 220%, respectively, of total consolidated risk-based capital2.
Capital and Liquidity
- The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at March 31, 2025 of 14.7%2 compared to 14.8% at December 31, 2024, and 14.7% at March 31, 2024. The Total capital ratio was 16.1%2, the Common Equity Tier 1 capital ratio was 14.1%2, and the Tier 1 leverage ratio was 11.2%2 at March 31, 2025. The Company is considered “well capitalized” based on applicable U.S. regulatory capital ratio requirements.
- Cash and cash equivalents at March 31, 2025 totaled $500.6 million.
- The Company’s loan to deposit ratio was 83.17% at March 31, 2025, which should continue to provide liquidity and flexibility moving forward.
- Tangible common equity to tangible assets was 9.58% at March 31, 2025, compared to 9.60% at December 31, 2024, and 9.25% at March 31, 2024. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been 9.07% at March 31, 2025.
- At March 31, 2025, in addition to $500.6 million in cash, the Company had $5.8 billion in available borrowing capacity, including $3.7 billion in available collateralized lines of credit, $1.7 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of $0.3 billion.
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1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and for a reconciliation to GAAP. |
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2 Estimated. |
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FINANCIAL HIGHLIGHTS |
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(Amounts in thousands except per share data) |
(Unaudited) |
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Quarterly Trends |
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1Q’25 |
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4Q’24 |
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3Q’24 |
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2Q’24 |
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1Q’24 |
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Selected balance sheet data: |
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Gross loans |
$ |
10,443,021 |
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$ |
10,299,950 |
|
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$ |
10,205,281 |
|
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$ |
10,038,508 |
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$ |
9,978,052 |
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Total deposits |
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12,574,796 |
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|
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12,242,427 |
|
|
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12,243,585 |
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|
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12,116,118 |
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|
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12,015,840 |
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Total assets |
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15,732,485 |
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|
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15,176,308 |
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|
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15,168,371 |
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|
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14,952,613 |
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14,830,015 |
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Performance measures: |
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Net income |
$ |
31,464 |
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$ |
34,085 |
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$ |
30,651 |
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$ |
30,244 |
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$ |
26,006 |
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Net interest margin |
|
3.48 |
% |
|
|
3.39 |
% |
|
|
3.17 |
% |
|
|
3.18 |
% |
|
|
3.24 |
% |
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Pre-tax pre-provision earnings1 |
$ |
50,590 |
|
|
$ |
47,858 |
|
|
$ |
46,086 |
|
|
$ |
44,555 |
|
|
$ |
35,674 |
|
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Average diluted shares outstanding |
|
85,388 |
|
|
|
85,302 |
|
|
|
85,069 |
|
|
|
84,816 |
|
|
|
85,270 |
|
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Diluted earnings per share (EPS) |
|
0.37 |
|
|
|
0.40 |
|
|
|
0.36 |
|
|
|
0.36 |
|
|
|
0.31 |
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Return on (annualized): |
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Average assets (ROA) |
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0.83 |
% |
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|
0.89 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.71 |
% |
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Average tangible assets (ROTA)2 |
|
0.98 |
|
|
|
1.06 |
|
|
|
0.99 |
|
|
|
1.00 |
|
|
|
0.89 |
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Average tangible common equity (ROTCE)2 |
|
10.17 |
|
|
|
10.90 |
|
|
|
10.31 |
|
|
|
10.75 |
|
|
|
9.55 |
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Tangible common equity to tangible assets2 |
|
9.58 |
|
|
|
9.60 |
|
|
|
9.64 |
|
|
|
9.30 |
|
|
|
9.25 |
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Tangible book value per share2 |
$ |
16.71 |
|
|
$ |
16.12 |
|
|
$ |
16.20 |
|
|
$ |
15.41 |
|
|
$ |
15.26 |
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Efficiency ratio |
|
60.28 |
% |
|
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56.26 |
% |
|
|
59.84 |
% |
|
|
60.21 |
% |
|
|
66.78 |
% |
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Adjusted operating measures1: |
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Adjusted net income |
$ |
32,102 |
|
|
$ |
40,556 |
|
|
$ |
30,511 |
|
|
$ |
30,277 |
|
|
$ |
31,132 |
|
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Adjusted pre-tax pre-provision earnings |
|
51,686 |
|
|
|
56,610 |
|
|
|
46,390 |
|
|
|
44,490 |
|
|
|
42,513 |
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Adjusted diluted EPS |
|
0.38 |
|
|
|
0.48 |
|
|
|
0.36 |
|
|
|
0.36 |
|
|
|
0.37 |
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Adjusted ROA |
|
0.85 |
% |
|
|
1.06 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.85 |
% |
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Adjusted ROTA2 |
|
1.00 |
|
|
|
1.24 |
|
|
|
0.98 |
|
|
|
1.00 |
|
|
|
1.04 |
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Adjusted ROTCE2 |
|
10.35 |
|
|
|
12.74 |
|
|
|
10.27 |
|
|
|
10.76 |
|
|
|
11.15 |
|
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Adjusted efficiency ratio |
|
59.53 |
|
|
|
56.07 |
|
|
|
59.84 |
|
|
|
60.21 |
|
|
|
61.13 |
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Net adjusted noninterest expense as a percent of average tangible assets2 |
|
2.33 |
% |
|
|
2.19 |
% |
|
|
2.19 |
% |
|
|
2.19 |
% |
|
|
2.23 |
% |
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Other data: |
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Market capitalization3 |
$ |
2,202,958 |
|
|
$ |
2,355,679 |
|
|
$ |
2,277,003 |
|
|
$ |
2,016,472 |
|
|
$ |
2,156,529 |
|
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Full-time equivalent employees |
|
1,518 |
|
|
|
1,504 |
|
|
|
1,493 |
|
|
|
1,449 |
|
|
|
1,445 |
|
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Number of ATMs |
|
98 |
|
|
|
96 |
|
|
|
96 |
|
|
|
95 |
|
|
|
95 |
|
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Full-service banking offices |
|
79 |
|
|
|
77 |
|
|
|
77 |
|
|
|
77 |
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|
|
77 |
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1Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures” for more information and a reconciliation to GAAP. |
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2The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders’ equity less intangible assets. |
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3Common shares outstanding multiplied by closing bid price on last day of each period. |
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OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call on April 25, 2025, at 10:00 a.m. (Eastern Time) to discuss the first quarter of 2025 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 4944599). 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 $15.7 billion in assets and $12.6 billion in deposits as of March 31, 2025. Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 79 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. For more information about Seacoast, visit www.SeacoastBanking.com.
Additional Information
Seacoast has filed a registration statement on Form S-4 with the United States Securities and Exchange Commission (the “SEC”) in connection with the proposed merger of Heartland Bancshares, Inc. and Heartland National Bank with and into Seacoast and Seacoast National Bank, respectively. The registration statement in connection with the merger includes a proxy statement of Heartland Bancshares, Inc. and a prospectus of Seacoast. This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval.
Contacts
Michael Young
Treasurer & Director of Corporate Development & Investor Relations
(772) 403-0451
