$SBCF

SEACOAST BANKING CORP OF FLORIDA

CIK:0000730708|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Interest and fees on loans	$ 188,161	$ 157,075	$ 373,892	$ 307,715
Interest and dividends on securities	62,574	32,512	122,665	61,927
Interest on interest-bearing deposits and other investments	4,816	3,760	9,700	7,960
Total Interest Income	255,551	193,347	506,257	377,602
Interest on deposits	44,201	40,633	88,787	84,259
Interest on time certificates	18,663	15,120	36,246	30,093
Interest on borrowed money	12,292	10,730	24,359	17,869
Total Interest Expense	75,156	66,483	149,392	132,221
Net Interest Income	180,395	126,864	356,865	245,381
Provision for credit losses	8,997	4,379	9,758	13,629
Net Interest Income after Provision for Credit Losses	171,398	122,485	347,107	231,752
Noninterest income:
Service charges on deposit accounts	7,045	5,540	13,957	10,720
Wealth management income	5,968	4,196	11,745	8,444
Mortgage banking income	2,744	685	4,910	1,089
Interchange income	2,093	1,895	4,160	3,702
Insurance agency income	1,336	1,289	3,126	2,909
BOLI income	2,609	3,380	5,226	5,848
Other	6,042	7,497	11,627	13,754
Total Noninterest Income Before Securities (Losses) Gains, Net	27,837	24,482	54,751	46,466
Securities (losses) gains, net	(59)	39	(39,587)	235
Total Noninterest Income	27,778	24,521	15,164	46,701
Noninterest expense:
Salaries and employee benefits	63,115	52,544	125,760	103,653
Outsourced data processing costs	12,242	8,525	24,237	17,029
Occupancy	9,591	7,483	18,826	14,833
Furniture and equipment	2,803	2,125	5,624	4,253
Marketing	3,525	2,958	6,992	5,706
Legal and professional fees	2,480	2,071	5,650	4,811
FDIC assessments	2,759	2,108	5,954	4,302
Amortization of intangibles	9,960	5,131	20,058	10,440
OREO expense and net loss on sale	85	8	148	249
Provision for credit losses on unfunded commitments	150	150	300	300
Merger and integration costs	8,358	2,422	16,894	3,473
Other	8,042	6,205	14,838	13,278
Total Noninterest Expense	123,110	91,730	245,281	182,327
Income Before Income Taxes	76,066	55,276	116,990	96,126
Provision for income tax expense	16,531	12,589	25,560	21,975
Net Income	59,535	42,687	91,430	74,151
Preferred dividends	2,138	0	4,275	0
Net income available to common shareholders	$ 57,397	$ 42,687	$ 87,155	$ 74,151
Net income per share of common stock
Diluted (in dollars per share)	$ 0.55	$ 0.50	$ 0.84	$ 0.87
Basic (in dollars per share)	$ 0.55	$ 0.50	$ 0.85	$ 0.87
Average common shares outstanding
Diluted (in shares)	97,250	85,479	97,549	85,454
Basic (in shares)	96,438	84,903	96,638	84,776

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net income	$ 91,430	$ 74,151
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,721	4,425
Accretion of discounts on securities, net	(9,222)	(1,974)
Amortization of operating lease ROUAs	5,215	4,487
Other amortization and accretion, net	9,380	1,280
Stock-based compensation	10,000	6,996
Origination of loans designated for sale	(160,001)	(44,862)
Sale of loans designated for sale	161,956	56,171
Provision for credit losses	9,758	13,629
Deferred income taxes	3,801	3,195
Losses (gains) on securities	39,587	(235)
Gains on sale of loans	(4,119)	(3,025)
Losses (gains) on sale and write-downs of bank premises, equipment and OREO	212	(15)
Changes in operating assets and liabilities:
Net increase in other assets	(9,546)	(11,699)
Net (decrease) increase in other liabilities	(20,654)	809
Net cash provided by operating activities	133,518	103,333
Cash Flows from Investing Activities
Maturities and repayments of debt securities AFS	348,441	208,717
Maturities and repayments of debt securities HTM	21,997	21,920
Proceeds from sale of debt securities AFS	277,155	0
Purchases of debt securities AFS	(675,752)	(794,370)
Maturities and redemptions of time deposits with other banks	13,677	1,721
Net new loans and principal repayments	(525,865)	(323,887)
Proceeds from the sale of loans held for investment	13,531	14,510
Proceeds from sale of OREO	989	2,707
Proceeds from sale of FHLB and Federal Reserve Bank stock	34,923	22,802
Purchase of FHLB and Federal Reserve Bank stock	(37,918)	(45,762)
Proceeds from BOLI death benefit	0	1,962
Additions to bank premises and equipment	(6,766)	(4,637)
Net cash used in investing activities	(535,588)	(894,317)
Cash Flows from Financing Activities
Net increase in deposits	535,952	255,171
Net decrease in repurchase agreements	(15,908)	(45,981)
Net increase of FHLB borrowings with original maturities of three months or less	150,000	100,000
Repayments of FHLB borrowings with original maturities of more than three months	(560,000)	(30,000)
Proceeds from FHLB borrowings with original maturities of more than three months	410,000	400,000
Stock-based employee benefit plans	(1,648)	(1,425)
Repurchase of common stock	(33,327)	0
Dividends paid	(41,600)	(30,960)
Net cash provided by financing activities	443,469	646,805
Net increase (decrease) in cash and cash equivalents	41,399	(144,179)
Cash and cash equivalents at beginning of period	388,545	476,607
Cash and cash equivalents at end of period	429,944	332,428
Supplemental disclosure of cash flow information:
Cash paid for interest	151,295	132,851
Cash paid for taxes, net	16,910	5,380
Recognition of operating lease ROUAs, other than through bank acquisitions, net of terminations	2,786	7,796
Recognition of operating lease liabilities, other than through bank acquisitions, net of terminations	2,824	7,796
Supplemental disclosure of non-cash investing activities:
Transfers from loans to OREO	$ 0	$ 1,116

CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Assets
Cash and due from banks	$ 191,965	$ 181,429
Interest-bearing deposits with other banks	237,979	207,116
Total cash and cash equivalents	429,944	388,545
Time deposits with other banks	747	14,424
Debt securities:
Securities AFS (at fair value)	5,174,602	5,164,567
Securities HTM (fair value $465.7 million at June 30, 2026 and $489.6 million at December 31, 2025)	564,067	586,178
Total debt securities	5,738,669	5,750,745
Loans held for sale	18,565	16,297
Loans	13,145,439	12,627,984
ACL	(182,050)	(178,803)
Loans, net of ACL	12,963,389	12,449,181
Bank premises and equipment, net	161,008	160,139
Goodwill	1,034,997	1,034,735
Other intangible assets, net	174,486	195,704
BOLI	335,783	330,563
Net DTAs	64,502	66,579
Other assets	437,982	435,419
Total Assets	21,360,072	20,842,331
Liabilities
Deposits	16,792,295	16,256,343
Securities sold under agreements to repurchase	373,095	389,003
FHLB borrowings	835,000	835,000
Long-term debt, net	112,910	112,761
Other liabilities	172,842	193,437
Total Liabilities	18,286,142	17,786,544
Convertible preferred stock, par value $0.10 per share authorized 4,000,000 shares, issued 11,250 and outstanding 11,250 shares at June 30, 2026 and December 31, 2025	343,125	343,125
Shareholders’ Equity
Common stock, par value $0.10 per share, authorized 120,000,000 shares, issued 98,778,599 and outstanding 96,822,799 at June 30, 2026, and authorized 120,000,000, issued 98,728,878 and outstanding 97,927,843 shares at December 31, 2025	9,878	9,873
Additional paid-in capital	2,208,511	2,197,549
Retained earnings	653,623	603,793
Treasury stock	(57,137)	(21,358)
Total Shareholders' Equity Before Accumulated Other Comprehensive Loss, Net	2,814,875	2,789,857
Accumulated other comprehensive loss, net	(84,070)	(77,195)
Total Shareholders’ Equity	2,730,805	2,712,662
Total Liabilities, Convertible Preferred Stock and Shareholders’ Equity	$ 21,360,072	$ 20,842,331