Highlights

  • Second quarter 2026 net income was $59.5 million, or $0.55 per share; non-GAAP adjusted net income was $65.8 million.
  • Net interest income totaled $180.4 million, net interest margin on an FTE basis was 3.83%, and the cost of deposits was 1.53%.
  • The provision for credit losses was $9.0 million, and nonperforming assets totaled $90.0 million at June 30, 2026, up from $76.3 million.
  • The company repurchased 751,680 shares of common stock during the quarter and 1,072,443 shares year to date.

Seacoast Banking Corporation of Florida (NASDAQ: SBCF) shares were trading at USD 33.70 on October 27, 2026, up 0.12%, with a relative volume at time of 2.38. The Florida-based bank holding company completed the system conversion of VBI in July 2026, and its quarterly report for the period ended June 30, 2026 was filed on August 4, 2026, covering second quarter results.

Seacoast Banking Corporation of Florida is incorporated in Florida and has its principal executive offices in Stuart, Florida. It provides commercial and consumer banking, wealth management, mortgage and insurance services at 105 full-service branches across Florida and Georgia, and through mobile and online banking. In the second half of 2025 it acquired Heartland and VBI, which together added 23 branch locations, $5.3 billion in assets and $4.2 billion in deposits. Its fiscal year ends December 31, and it had 96,822,799 common shares outstanding as of June 30, 2026.

Second Quarter 2026 Results

Net income was $59.5 million, or $0.55 per share, an increase of 87% from the first quarter of 2026 and 39% from the second quarter of 2025. Adjusted net income was $65.8 million, or $0.61 per share. The first quarter of 2026 included a $39.5 million loss from a strategic repositioning of a portion of the AFS securities portfolio.

Net interest income was $180.4 million, an increase of 2% from the first quarter of 2026 and 42% from the second quarter of 2025. Net interest margin on an FTE basis was 3.83%, and excluding accretion on acquired loans it was 3.65%. Accretion on acquired loans was $8.9 million. Noninterest income was $27,778 thousand and noninterest expense was $123,110 thousand, including merger and integration costs of $8,358 thousand. The efficiency ratio was 58.52%, and the adjusted efficiency ratio was 54.54%.

Return on assets was 1.13%, return on tangible equity was 14.44%, and adjusted return on assets was 1.25%. Income tax expense was $16.5 million, with an effective tax rate of 21.7%. For the six months, net income was $91,430 thousand, or $0.84 per diluted share, compared with $74,151 thousand, or $0.87.

Credit, Balance Sheet and Capital

The provision for credit losses was $9.0 million in the second quarter of 2026, compared with $0.8 million in the first quarter and $4.4 million in the second quarter of 2025. Nonperforming assets totaled $90.0 million at June 30, 2026, made up of $86.5 million of nonaccrual loans and $3.5 million of OREO, compared with $76.3 million at December 31, 2025. Nonperforming assets to total assets were 0.42%, compared with 0.37%. Nonaccrual loans were 0.66% of total loans.

Total assets were $21,360,072 thousand at June 30, 2026, compared with $20,842,331 thousand at December 31, 2025. Loans, net of the allowance for credit losses, were $12,963,389 thousand, and deposits were $16,792,295 thousand. FHLB borrowings were $835,000 thousand. The company reported 16% annualized organic loan growth, and total deposits increased 4% on an annualized basis. Uninsured deposits represented approximately 36% of total deposits.

Total shareholders' equity was $2,730,805 thousand. Consolidated capital ratios at June 30, 2026 were a total risk-based capital ratio of 15.71%, a Tier 1 capital ratio of 14.30%, a CET1 ratio of 11.45% and a leverage ratio of 10.39%. Dividends on common stock were $0.19 per share for the quarter. The company repurchased 751,680 shares during the quarter and 1,072,443 shares year to date.

Integration and Outlook

The company said full integration and system conversion for Heartland was completed in August 2025 and for VBI in July 2026. It expects to recognize remaining merger-related costs during the third quarter of 2026. The filing does not provide numerical financial guidance. It lists risks including the integration of acquired businesses, changes in interest rates, deposit competition and liquidity.