SBCF Filings — Seacoast Banking Corporation of Florida - FilingSpy
SBCF
Seacoast Banking Corporation of Florida
A Florida financial holding company that does its banking through Seacoast National Bank, offering everyday checking and savings, commercial lending, wealth management, mortgages, and insurance across more than a hundred branches and digital services. Its roots reach back to 1933, when Dennis Hudson Sr. opened the Citizens Bank of Stuart during the Great Depression — for years the only bank between Fort Pierce and West Palm Beach. The "Seacoast" name came in 2006, when the bank dropped its generic "First National" title to better match its Florida coastline identity.
Seacoast's net income rose 87% sequentially to $59.5M as a Q1 securities loss did not repeat and organic loan growth accelerated to 16% annualized.
A $39.5 million securities repositioning loss that depressed first-quarter earnings did not repeat, and the underlying business accelerated. rose 37% to $208.2 million and reached $59.5 million, or $0.55 per share, as the held at 3.83% and organic loan growth hit a 16% annualized pace. The quarter leaves Seacoast with a clean earnings run rate and a balance sheet growing on its own, not just through deals.
Key takeaways
rose 87% sequentially to $59.5 million, or $0.55 per diluted share, because the $39.5 million pre-tax loss on the securities portfolio repositioning recorded in Q1 2026 did not repeat.
reached $208.2 million, up 37% from $151.4 million a year ago, driven by a 21% increase in to $180.4 million as the held steady at 3.83%.
The core , which excludes from acquired portfolios, expanded 8 sequentially to 3.65%, reflecting higher securities yields and a further decline in funding costs.
Section summaries
Management's Discussion and Analysis
Net income rose 87% sequentially to $59.5M on 16% annualized organic loan growth, stable NIM, and lower deposit costs.
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of $59.5M ($0.55/share) increased 87% from Q1 2026 and 39% from Q2 2025, driven by higher and a Q1 securities loss not repeating.
Total loans grew 4.1% year-to-date to $13.1 billion, with organic loan growth accelerating to a 16% annualized rate in the quarter, up from 7% annualized in Q1.
The cost of total deposits edged down to 1.53% from 1.54% in the prior quarter and 1.80% a year ago, while noninterest-bearing deposits grew at a 4% annualized rate.
The company repurchased 751,680 common shares during the quarter, deploying capital while maintaining $9.2 billion in available borrowing capacity.
What changed
The Q1 2026 watch item on whether the could hold near 3.83% was answered: the reported margin was stable at 3.83%, and the core margin expanded 8 to 3.65% as the yield benefit from the securities repositioning took full effect.
The Q1 2026 watch item on nonperforming loans was partially addressed: nonperforming assets had risen 30% from year-end to $99.3 million in Q1, and while this filing does not provide an updated figure, management noted in Q1 that most are well-collateralized.
The Q1 2026 watch item on organic deposit growth was answered positively: the 7% annualized organic deposit growth rate from Q1 was followed by 4% annualized growth in noninterest-bearing deposits this quarter, and the cost of total deposits continued to decline.
Merger and integration costs, which were $8.5 million in Q1 2026 and $18.1 million in Q4 2025, continued to decline as the Heartland and VBI integrations progressed, though a specific figure for Q2 was not broken out.
What to watch
Whether the 16% annualized organic loan growth rate is sustained in the second half of 2026, or whether it represents a pull-forward from the $1.1 billion pipeline that will moderate.
Whether the core can continue expanding from 3.65% if the Federal Reserve cuts rates as management's 2026 outlook assumes, and whether deposit costs fall further from 1.53%.
Whether nonperforming assets, which reached $99.3 million in Q1 2026, stabilize or rise further, and whether the at 1.42% of total loans remains adequate.
Whether the pace of share repurchases continues at the Q2 level of 751,680 shares, and how it interacts with capital ratios and the deployment of the $9.2 billion in available borrowing capacity.
grew 2% sequentially to $180.4M, with stable at 3.83%; core margin (excluding loan accretion) expanded 8 to 3.65% on higher securities yields and lower funding costs.
Total loans grew 4.1% year-to-date to $13.1B, with 16% annualized organic loan growth in Q2; average loans rose 2% sequentially and 22% .
Cost of total deposits declined to 1.53% from 1.54% in Q1 2026 and 1.80% in Q2 2025, while noninterest-bearing deposits grew 4% annualized.
Noninterest income rebounded to $27.8M from a loss of $12.6M in Q1 2026, which included a $39.5M loss from a strategic securities portfolio repositioning.
The Company repurchased 751,680 common shares in Q2 and maintained strong liquidity with $9.2B in available borrowing capacity; capital ratios remain well above regulatory minimums.
Quantitative and Qualitative Disclosures About Market Risk
Interest rate risk is the primary market risk, managed via ALCO policies and measured through net interest income simulation and EVE sensitivity.
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Interest rate risk, mainly from the balance sheet structure, is the Company's primary market risk, overseen by the and board-approved limits.
The Company uses simulation for short-term exposures and analysis for longer-term balance sheet valuation.
EVE sensitivity assumes parallel yield curve shifts and does not incorporate future growth, product mix changes, or gradual rate movements.
A +300bps instantaneous parallel rate shock is projected to reduce EVE by 16.3%, while a -300bps shock increases it by 7.2%.
Key modeling assumptions for EVE include prepayment speeds and the estimated lives of indeterminate maturity deposits, periodically reassessed with third-party help.
The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse eff…
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The Company and its subsidiaries, because of the nature of their business, are at all times subject to numerous legal actions, threatened or filed. Management presently believes that none of the legal proceedings to which it is a party are likely to have a materially adverse effect on the Company’s consolidated financial position, or operating results or cash flows.
In addition to the other information set forth in this report, you should consider the factors discussed in “Part I, Item 1A. Risk Factors” in our report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and prospe…
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In addition to the other information set forth in this report, you should consider the factors discussed in “Part I, Item 1A. Risk Factors” in our report on Form 10-K for the year ended December 31, 2025, which could materially affect our business, financial condition and prospective results. The risks described in this report, in our Form 10-K or our other SEC filings are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition or future results. There have been no material changes with respect to the risk factors disclosed in our Annual Report on Form 10-K for the year ended December 31, 2025.
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