- Seacoast Banking Corporation of Florida (SBCF, Financial) reported a net income of $31.5 million for Q1 2025.
- Net interest margin increased 9 basis points to 3.48% during the quarter.
- The company's proposed acquisition of Heartland Bancshares is expected to complete in Q3 2025.
Seacoast Banking Corporation of Florida (SBCF) reported its first quarter financial results for 2025, showcasing a net income of $31.5 million, or $0.37 per diluted share. This marks a decrease from the previous quarter's net income of $34.1 million, or $0.40 per diluted share, but an increase from the $26.0 million, or $0.31 per diluted share, recorded for the same period last year. Adjusted net income was slightly higher at $32.1 million, or $0.38 per diluted share, compared to $31.1 million, or $0.37 per diluted share, in Q1 2024.
The company's net interest margin saw a positive shift, expanding by nine basis points to 3.48% from 3.39% in Q4 2024, primarily due to decreased deposit costs and strategic securities purchases. Net interest income grew to $118.5 million, a 2% increase from the prior quarter and a 13% rise year-over-year.
Seacoast also reported an 11% annualized growth in deposits and a 6% annualized growth in loans, reinforcing its strong market presence, particularly in Fort Lauderdale and Tampa. The recent branch expansions and the addition of new banking professionals have been key contributors to this growth.
Looking ahead, Seacoast is in the process of an acquisition that will expand its operations. On February 27, 2025, the company announced its proposed acquisition of Heartland Bancshares, Inc., a strategic move expected to conclude in the third quarter of 2025. Heartland operates four branches with total assets of approximately $763 million and deposits of around $666 million as of March 31, 2025. This acquisition will bolster Seacoast’s presence in Central Florida, enhancing its capabilities in one of the best banking markets in the United States.
Chairman and CEO Charles M. Shaffer emphasized the company's readiness for continued growth amidst increasing macroeconomic volatility, citing Seacoast’s robust capital position and liquidity as key strengths. With a strong balance sheet, the company remains well-positioned to weather a variety of economic conditions and to continue supporting its clients and communities.
