SEACOAST BANKING CORP OF FLORIDA has recently released its 10-Q report, providing a detailed overview of its financial performance and operations. Seacoast Banking Corporation of Florida operates as the bank holding company for Seacoast National Bank, offering integrated financial services to retail and commercial customers in Florida. The company provides a range of financial products, including deposits, loans, wealth management, mortgage, and insurance services through various channels, including mobile and online banking solutions.
The 10-Q report includes a comprehensive discussion and analysis of the company's financial condition and results of operations. The report emphasizes the performance for the three and six months ended June 30, 2025, compared to the same periods in 2024. It also contains forward-looking statements, highlighting potential risks and uncertainties that could impact the company's future performance.
One of the notable business developments outlined in the report is the acquisition of Heartland Bancshares, Inc. in July 2025, which added approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Additionally, the proposed acquisition of Villages Bancorporation, Inc. is expected to expand the company's presence in North Central Florida and into The Villages® community.
The report also highlights Seacoast's organic growth and expansion initiatives, including the opening of new branch locations in the greater Fort Lauderdale area and Tampa, as well as key additions to its commercial banking leadership and teams.
In terms of financial performance, the report indicates a strong second quarter of 2025 for Seacoast Banking Corp. Net income for the quarter was $42.7 million, or $0.50 per average diluted share, representing a significant increase from the previous quarter and the same period in 2024. The company reported strong growth in loans and lower cost of deposits, supporting improved net interest income and net interest margin. Notably, the net interest margin expanded to 3.58%, and the cost of deposits declined to 1.80%.
Seacoast's focus on organic customer growth and recent talent additions has contributed to momentum across its markets and business segments. The company reported a strong capital position, with a Tier 1 capital ratio of 14.6% and a tangible common equity to tangible assets ratio of 9.8%.
The market has reacted to these announcements by moving the company's shares 0.55% to a price of $27.58. If you want to know more, read the company's complete 10-Q report here.
