SEACOAST BANKING CORP OF FLORIDA
For the period ended Jun 30, 2025. Filed Aug 8, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 8, 2025
SBCF$33.54-0.2%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-07.
0000730708-25-000115
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-08.
0000730708-25-000186
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 180 previous paragraphs and 190 current paragraphs.
83 unchanged; 80 reworded; 26 added; 16 removed; 1 previous and 1 current paragraphs rearranged.
Tables are not compared: 17 previous and 18 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (26)
Current report
On July 11, 2025, the Company completed its acquisition of Heartland, adding approximately $157 million in loans and $684 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, are expected to be finalized later in the third quarter of 2025. Seacoast expects the transaction to be accretive to earnings in 2026, with modest dilution to tangible book value that is expected to be earned back in approximately two years.
Current report
Proposed Acquisition of Villages Bancorporation, Inc.
Current report
VBI enjoys the leading market share in the rapidly growing Villages MSA. VBI’s low loan-to-deposit ratio and low cost of deposits provide long-term scalable benefits and the opportunity for margin growth and revenue synergies. Seacoast expects the transaction to be accretive to earnings beginning in 2026, with tangible book value dilution earned back in under three years. The majority of cost savings are expected to be realized in 2026.
Current report
Organic Growth and Expansion
Current report
Seacoast’s balanced growth strategy includes both acquisitions and organic growth initiatives. Thus far in 2025, Seacoast has expanded its footprint with the opening of two new branch locations in the greater Fort Lauderdale area, and one new branch location in Tampa, along with key additions to its commercial banking leadership and teams. In recent years, Seacoast has added experienced bankers in dynamic and growing markets, leading to significant growth in new relationships.
Current report
•Net income of $42.7 million, or $0.50 per average diluted share, an increase of $11.2 million, or 36%, from the prior quarter.
Current report
•Strong gains in return on average assets, return on tangible common equity and the efficiency ratio.
Current report
•Loans grew 6.4% on an annualized basis to $10.6 billion, and the overall loan pipeline remained robust at $920.9 million.
Current report
•Net interest income of $126.9 million, an increase of $8.3 million, or 7%.
Current report
•Net interest margin expanded 10 basis points to 3.58% and, excluding accretion on acquired loans, net interest margin expanded five basis points to 3.29%.
Current report
•Cost of deposits declined 13 basis points to 1.80%.
Current report
For the six months ended June 30, 2025, net income totaled $74.2 million, or $0.87 per average diluted share, an increase of $17.9 million, or 32%, compared to the six months ended June 30, 2024. For the six months ended June 30, 2025, adjusted net income 1 totaled $76.6 million, or $0.90 per average diluted share, compared to $61.4 million, or $0.72 per average diluted share for the six months ended June 30, 2024.
Current report
Net interest income for the second quarter of 2025 totaled $126.9 million, an increase of $8.3 million, or 7%, compared to the first quarter of 2025, and an increase of $22.4 million, or 21%, compared to the second quarter of 2024. For the six months ended June 30, 2025, net interest income totaled $245.4 million, an increase of $35.9 million, or 17%, compared to the six months ended June 30, 2024. The increase was driven by higher securities and loan interest income. Securities income increased $3.1 million, or 11%, primarily due to securities purchases in the first half of 2025. Interest income on loans increased by $6.4 million in the second quarter of 2025, reflecting strong loan production and an increase in accretion on acquired loans from higher payoffs. Included in loan interest income was accretion on acquired loans of $10.6 million in the second quarter of 2025, $8.2 million in the first quarter of 2025, and $10.2 million in the second quarter of 2024. Accretion on acquired loans totaled $18.8 million for the six months ended June 30, 2025, compared to $20.8 million for the six months ended June 30, 2024. On the expense side, interest on deposits decreased $3.0 million, or 7%, compared to the prior quarter, and $10.7 million, or 21%, compared to the second quarter of 2024, reflecting a lower cost of deposits. Interest expense on borrowed money increased $3.6 million, or 50%, compared to the first quarter of 2025, and $4.6 million, or 75%, compared to second quarter of
Current report
2024, largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland acquisition.
Current report
Net interest margin (on a FTE basis)1 increased ten basis points to 3.58% in the second quarter of 2025, compared to 3.48% in the first quarter of 2025, and expanded 40 basis points from 3.18% in the second quarter of 2024, largely driven by lower deposit costs. Compared to the first quarter of 2025, securities yields decreased one basis point in the second quarter of 2025 to 3.87% and increased 18 basis points from the second quarter of 2024. The yield on loans increased to 5.98% for the second quarter of 2025, an increase of eight basis points from the first quarter of 2025 and increased five basis points from the second quarter of 2024. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 29 basis points for the second quarter of 2025, 24 basis points in the first quarter of 2025, and 31 basis points in the second quarter of 2024. The cost of deposits was 1.80% in the second quarter of 2025, compared to 1.93% in the first quarter of 2025, and 2.31% in the second quarter of 2024.
Current report
For the six months ended June 30, 2025, net interest margin (on a FTE basis)1 increased 32 basis points to 3.53% compared to the six months ended June 30, 2024, largely driven by lower deposit costs. The yield on securities was 3.87% for the six months ended June 30, 2025, compared to 3.59% for the six months ended June 30, 2024. The yield on total loans increased from 5.92% for the six months ended June 30, 2024 to 5.94% for the six months ended June 30, 2025. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 27 basis points for the six months ended June 30, 2025, compared to 31 basis points for the six months ended June 30, 2024. The cost of deposits was 1.87% for the six months ended June 30, 2025, a decrease of 38 basis points compared to the six months ended June 30, 2024.
Current report
Noninterest income totaled $24.5 million for the second quarter of 2025, an increase of $2.3 million, or 11%, compared to both the first quarter of 2025 and the second quarter of 2024. Noninterest income totaled $46.7 million for the six months ended June 30, 2025, an increase of $4.0 million, or 9%, compared to the six months ended June 30, 2024.
Current report
Interchange income increased $0.1 million, or 5%, compared to the first quarter of 2025 and decreased 2% compared to the second quarter of 2024. For the six months ended June 30, 2025, interchange income totaled $3.7 million, a decrease of $0.1 million, or 3%, compared to the six months ended June 30, 2024.
Current report
Mortgage banking fees totaled $0.7 million, an increase of $0.3 million, or 70%, from the prior quarter and an increase of $0.1 million, or 18% from the prior year quarter, due to higher saleable production.
Current report
Insurance agency income totaled $1.3 million for the three months ended June 30, 2025, compared to $1.6 million in the first quarter of 2025, and $1.4 million in the second quarter of 2024. For the six months ended June 30, 2025, insurance agency income totaled $2.9 million, an increase of $0.3 million, or 10%, compared to the six months ended June 30, 2024, reflecting continued growth and expansion of insurance services.
Current report
BOLI income totaled $3.4 million for the second quarter of 2025, an increase of $0.9 million, or 37%, compared to the first quarter of 2025, and an increase of $0.8 million, or 30%, compared to the second quarter of 2024. The increases resulted from a $0.9 million death benefit payout in the second quarter of 2025. For the six months ended June 30, 2025, BOLI income totaled $5.8 million, an increase of $1.0 million, or 20%, compared to the six months ended June 30, 2024.
Current report
Net securities activity resulted in gains of$39 thousand during thesecond quarter of 2025, gains of $0.2 million in the first quarter of 2025, and losses of$44 thousand in the second quarter of 2024. Net securities activity resulted in gains of $0.2 million for each of the six months ended June 30, 2025 and 2024.
Current report
Total occupancy and furniture and equipment expenses were $9.6 million in the second quarter of 2025, $9.5 million in the first quarter of 2025, and $9.1 million in the second quarter of 2024. For the six months ended June 30, 2025, occupancy and furniture and equipment expenses totaled $19.1 million, a decrease of $0.1 million, or 1%, compared to the six months ended June 30, 2024.
Current report
Merger-related charges were $2.4 million in the second quarter of 2025 and $1.1 million in the first quarter of 2025, reflecting expenses related to the Heartland acquisition and the proposed VBI acquisition. There were no merger-related charges in the 2024 periods.
Current report
New federal tax legislation was signed into law on July 4, 2025, which includes a broad range of tax reform provisions, and extends or makes permanent various tax provisions that were originally enacted in the 2017 Tax Cuts and Jobs Act. The Company is evaluating the impact of the new legislation on its consolidated financial statements.
Current report
The Company recorded provision expense of $4.4 million and $13.6 million, respectively, for the three and six months ended June 30, 2025, compared to $4.9 million and $6.3 million, respectively, for the three and six months ended June 30, 2024. The Company recorded net charge-offs of $2.5 million and $9.5 million, respectively, in the three and six months ended June 30, 2025, compared to $9.9 million and $13.6 million, respectively, for the three and six months ended June 30, 2024.
Removed paragraphs (16)
Previous report
•Net income of $31.5 million, or $0.37 per average diluted share.
Previous report
•Pre-tax pre-provision earnings 1 increased $2.7 million to $50.6 million from the prior quarter.
Previous report
•Growth in total deposits of $332.4 million, or 11.0% annualized.
Previous report
•Noninterest bearing deposits grew $140.1 million, or 17.0% annualized.
Previous report
•Loans grew 5.6% on an annualized basis to $10.4 billion.
Previous report
•Net interest income of $118.5 million, an increase of $2.7 million, or 2%, from the fourth quarter of 2024.
Previous report
•Net interest margin was 3.48% compared to 3.39% in the prior quarter.
Previous report
•Cost of deposits declined 15 basis points to 1.93%.
Previous report
Net interest income totaled $118.5 million in the first quarter of 2025, an increase of $2.7 million, or 2%, compared to the prior quarter, and an increase of $13.4 million, or 13%, compared to the prior year first quarter. The increase in the first quarter of 2025 was largely driven by lower deposit costs, which declined 15 basis points when compared to the fourth quarter of 2024. Securities income increased $2.4 million, or 9%, primarily the result of securities purchases during the first quarter of 2025. Interest income on loans declined by $1.4 million, or 1%, in the first quarter of 2025, with higher core yields more than offset by lower accretion on acquired loans and lower day count. Included in loan interest income was accretion on acquired loans of $8.2 million in the first quarter of 2025, $11.7 million in the fourth quarter of 2024, and $10.6 million in the first quarter of 2024.
Previous report
Net interest margin increased nine basis points to 3.48% in the first quarter of 2025 compared to 3.39% in the fourth quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 19 basis points to 3.24% in the first quarter of 2025 compared to 3.05% in the fourth quarter of 2024. Loan yields were 5.90%, a decrease of three basis points from the prior quarter attributed to lower accretion on acquired loans. Securities yields increased 11 basis points to 3.88%, compared to 3.77% in the prior quarter, benefiting from new purchases. The cost of deposits declined 15 basis points from 2.08% in the prior quarter to 1.93% in the first quarter of 2025.
Previous report
Noninterest income totaled $22.2 million for the first quarter of 2025, an increase of $5.1 million, or 30%, compared to the fourth quarter of 2024 and an increase of $1.7 million, or 8%, from the first quarter of 2024.
Previous report
Interchange income remained flat compared to the fourth quarter of 2024 and decreased $0.1 million, or 4%, compared to the first quarter of 2024.
Previous report
Insurance agency income totaled $1.6 million in the first quarter of 2025, compared to $1.2 million in the fourth quarter of 2024, and $1.3 million in the first quarter of 2024, reflecting seasonally strong results and continued growth in the business.
Previous report
Net securities activity resulted in gains of$0.2 million during thefirst quarter of 2025, losses of $8.4 million in the fourth quarter of 2024, and gains of$0.2 million in the first quarter of 2024. Thefourth quarter of 2024 included the strategic repositioning of a portion of the AFS securities portfolio.
Previous report
Total occupancy and furniture and equipment expenses were $9.5 million in the first quarter of 2025, $9.2 million in the fourth quarter of 2024, and $10.0 million in the first quarter of 2024. During the quarter, the Company opened two new branch locations.
Previous report
SBA originations totaled $17.4 million during the first quarter of 2025, a decrease of $19.4 million compared to the fourth quarter of 2024, and a decrease of $1.6 million compared to the first quarter of 2024.
Reworded paragraphs (80)
Previous wording
The emphasis of this discussion will be on the three months ended March 31, 2025 compared to the three months ended March 31, 2024 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of March 31, 2025 compared to December 31, 2024.
Current wording
The emphasis of this discussion will be on the three and six months ended June 30, 2025 compared to the three and six months ended June 30, 2024 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of June 30, 2025 compared to December 31, 2024.
Previous wording
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,” “would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,” “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:
Current wording
“would,” “believe,” “contemplate,” “expect,” “estimate,” “continue,” “further,” “plan,” “point to,” “project,” “could,” “intend,” “target” or other similar words and expressions of the future. These forward-looking statements may not be realized due to a variety of factors, including, without limitation:
Previous wording
•The impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), slowdowns in economic growth or recession, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;
Current wording
•The impact of current and future economic and market conditions generally (including seasonality) and in the financial services industry, nationally and within Seacoast’s primary market areas, including the effects of continued inflationary pressures, changes in interest rates, tariffs or trade wars (including reduced consumer spending, supply chain issues, and adverse impacts to credit quality), slowdowns in economic growth or recession, and the potential for high unemployment rates, as well as the financial stress on borrowers and changes to customer and client behavior and credit risk as a result of the foregoing;
Previous wording
•Changes in the prices, values and sales volumes of residential and commercial real estate, especially as they relate to the value of collateral supporting the Company’s loans;
Current wording
•Changes in the prices, values and sales volumes of residential and CRE, especially as they relate to the value of collateral supporting the Company’s loans;
Previous wording
•The Company’s concentration in commercial real estate loans and in real estate collateral in Florida;
Current wording
•The Company’s concentration in CRE loans and in real estate collateral in Florida;
Previous wording
Proposed Acquisition of Heartland Bancshares, Inc.
Current wording
Third Quarter of 2025 Acquisition of Heartland Bancshares, Inc.
Previous wording
On February 27, 2025, the Company announced its proposed acquisition of Heartland Bancshares, Inc. The transaction, which is expected to close in the third quarter of 2025, will expand the Company’s presence in Central Florida.
Current wording
On May 29, 2025, the Company announced its proposed acquisition of VBI. The transaction, which is expected to close in the fourth quarter of 2025, will expand the Company’s presence in North Central Florida and into The Villages® community. Full integration and system conversion activities are expected to be finalized in the second quarter of 2026.
Previous wording
Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 79 full-service branches across Florida, and through advanced mobile and online banking solutions. The Company’s financial results in the first quarter of 2025 include strong growth in loans and deposits supporting improved net interest income and net interest margin. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the first quarter of 2025 include:
Current wording
Seacoast provides integrated financial services including commercial and consumer banking, wealth management, and mortgage services to customers at 84 full-service branches across Florida, and through advanced mobile and online banking solutions. The Company’s financial results in the second quarter of 2025 include strong growth in loans and lower cost of deposits supporting improved net interest income and net interest margin. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the second quarter of 2025 include:
Previous wording
•Tangible book value per share increased 10% year over year to $16.71.
Current wording
•Tangible book value per share of $17.19 increased 12% year over year.
Previous wording
•Strong capital position, with a Tier 1 capital ratio of 14.7%, and a tangible common equity to tangible assets ratio of 9.6%.
Current wording
•Strong capital position, with a Tier 1 capital ratio of 14.6% and a tangible common equity to tangible assets ratio of 9.8%.
Previous wording
The Company’s focus on organic customer growth and recent talent additions is generating momentum across its markets and business segments.
Current wording
The Company’s focus on organic customer growth and recent talent additions continues to generate momentum across its markets and business segments.
Previous wording
For the first quarter of 2025, the Company reported net income of $31.5 million, or $0.37 per diluted share, a decrease of $2.6 million, or 8%, from the fourth quarter of 2024 and an increase of $5.5 million, or 21%, compared to the first quarter of 2024. Adjusted net income 1 for the first quarter of 2025 totaled $32.1 million, or $0.38 per diluted share, a decrease of $8.5 million, or 21%, compared to the fourth quarter of 2024 and an increase of $1.0 million, or 3%, compared to the first quarter of 2024.
Current wording
For the second quarter of 2025, the Company reported net income of $42.7 million, or $0.50 per average diluted share, an increase of $11.2 million, or 36%, from the first quarter of 2025 and an increase of $12.4 million, or 41%, compared to the second quarter of 2024. Adjusted net income 1 for the second quarter of 2025 totaled $44.5 million, or $0.52 per average diluted share, an increase of $12.4 million, or 39%, compared to the first quarter of 2025 and an increase of $14.2 million, or 47%, compared to the second quarter of 2024.
Previous wording
Average loans increased $169.0 million, or 2%, for the first quarter of 2025 compared to the fourth quarter of 2024, and increased $348.8 million, or 3%, from the first quarter of 2024.
Current wording
Average loans increased $175.5 million, or 2%, for the second quarter of 2025 compared to the first quarter of 2025, and increased $553.9 million, or 6%, from the second quarter of 2024. For the six months ended June 30, 2025, average loans increased $451.8 million, or 5%, from the six months ended June 30, 2024.
Previous wording
Average loans as a percentage of average earning assets totaled 75% for the first quarter of 2025, 75% for the fourth quarter of 2024 and 77% for the first quarter of 2024.
Current wording
Average loans as a percentage of average earning assets totaled 74% for the second quarter of 2025, 75% for the first quarter of 2025 and 76% for the second quarter of 2024. For the six months ended June 30, 2025, average loans as a percentage of average earning assets totaled 75%, compared to 76% for the six months ended June 30, 2024.
Previous wording
During the first quarter of 2025, average investment securities increased $229.0 million, or 8.0%, compared to the fourth quarter of 2024, and increased $493.7 million, or 19.1%, compared to the first quarter of 2024. Securities yields increased eleven basis points to 3.88% during the first quarter of 2025 from 3.77% in the fourth quarter of 2024, benefiting from recent purchases.
Current wording
During the second quarter of 2025, average investment securities increased $291.6 million, or 9.5%, compared to the first quarter of 2025, and increased $735.0 million, or 27.9%, compared to the second quarter of 2024. Securities yields decreased one basis point to 3.87% during the second quarter of 2025 from 3.88% in the first quarter of 2025. For the six months ended June 30, 2025, average investment securities were $3.2 billion, an increase of $615.2 million compared to the six months ended June 30, 2024.
Previous wording
The cost of average interest-bearing liabilities decreased 22 basis points in the first quarter of 2025 to 2.74% from 2.96% in the fourth quarter of 2024, and decreased 45 basis points from 3.20% in the first quarter of 2024. The cost of average total deposits (including noninterest bearing demand deposits) was 1.93% in the first quarter of 2025, 2.08% in the fourth quarter of 2024 and 2.19% in the first quarter of 2024.
Current wording
The cost of average interest-bearing liabilities decreased eight basis points in the second quarter of 2025 to 2.66% from 2.74% in the first quarter of 2025, and decreased 67 basis points from 3.33% in the second quarter of 2024. The cost of average total deposits (including noninterest bearing demand deposits) was 1.80% in the second quarter of 2025, 1.93% in the first quarter of 2025 and 2.31% in the second quarter of 2024. For the six months ended June 30, 2025, the cost of average total deposits (including noninterest bearing demand deposits) was 1.87% compared to 2.25% for the six months ended June 30, 2024.
Previous wording
During the first quarter of 2025, average transaction deposits (noninterest and interest-bearing demand) increased $0.9 million compared to the fourth quarter of 2024, and increased $247.6 million, or 4%, compared to the first quarter of 2024. The Company’s deposit mix remains favorable, with 87% of average deposit balances compromised of savings, money market, and demand deposits for the three months ended March 31, 2025.
Current wording
During the second quarter of 2025, average transaction deposits (noninterest and interest-bearing demand) increased $23.9 million compared to the first quarter of 2025 and increased $132.1 million, or 2%, compared to the second quarter of 2024. For the six months ended June 30, 2025, average transaction deposits decreased $189.8 million, or 3%, compared to the six months ended June 30, 2024. Declines reflect shifts in customer preference during the periods toward money market accounts, which increased $598.1 million, or 17%, in the six months ended June 30, 2025 compared to the prior year period. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the six months ended June 30, 2025.
Previous wording
Average balances of sweep repurchase agreements with customers decreased $8.6 million, or 4%, from the fourth quarter of 2024 and decreased $132.1 million, or 40%, compared to the first quarter of 2024. The average rate on customer sweep repurchase accounts was 2.73% for the first quarter of 2024, compared to 3.00% for the fourth quarter of 2024, and 3.71% for the first quarter of 2024.
Current wording
Average balances of sweep repurchase agreements with customers decreased $15.3 million, or 8%, from the first quarter of 2025 and decreased $107.6 million, or 37%, compared to the second quarter of 2024. The average rate on customer sweep repurchase accounts was 2.62% for the second quarter of 2025, compared to 2.73% for the first quarter of 2025, and 3.68% for the second quarter of 2024. For the six months ended June 30, 2025, the average balance was $193.6 million, compared to an average balance of $313.5 million for the six months ended June 30, 2024 with average rates of 2.68% and 3.70%, respectively.
Previous wording
The Company had an average balance of $382.8 million in FHLB borrowings outstanding for the first quarter of 2025, with an average interest rate of 4.32%, compared to $245.0 million for the fourth quarter of 2024, with an average interest rate of 4.26%, and $102.4 million for the first quarter of 2024, with an average interest rate of 3.77%.
Current wording
The Company had an average balance of $724.2 million in FHLB borrowings outstanding for the second quarter of 2025, with an average interest rate of 4.32%, compared to $382.8 million for the first quarter of 2025, with an average interest rate of 4.32%, and $149.2 million for the second quarter of 2024, with an average interest rate of 4.29%. The Company had an average balance of $554.5 million in FHLB borrowings outstanding for the six months ended June 30, 2025, with an average interest rate of 4.32%, compared to $125.8 million for the six months ended June 30, 2024, with an average interest rate of 4.08%.
Previous wording
Long-term debt balances averaged $107.0 million in the first quarter of 2025, $106.9 million in the fourth quarter of 2024, and $106.4 million in the first quarter of 2024. The average rate on long-term debt for the first quarter of 2025 was 6.44%, a decrease of twenty-five basis points compared to the fourth quarter of 2024 and a decrease of 87 basis points compared to the first quarter of 2024.
Current wording
Long-term debt balances averaged $107.2 million in the second quarter of 2025, $107.0 million in the first quarter of 2025, and $106.5 million in the second quarter of 2024. The average rate on long-term debt for the second quarter of 2025 was 6.41%, a decrease of four basis points compared to the first quarter of 2025 and a decrease of 62 basis points compared to the second quarter of 2024. For the six months ended June 30, 2025, long-term debt averaged $107.1 million, compared to $106.5 million for the six months ended June 30, 2024. The average rate on long-term debt for the six months ended June 30, 2025 was 6.42%, a decrease of 75 basis points compared to the six months ended June 30, 2024.
Previous wording
Service charges on deposits were $5.2 million in the first quarter of 2025, compared to $5.1 million in the fourth quarter of 2024, and $5.0 million in the first quarter of 2024. The Company’s investments in talent and market expansion across Florida have resulted in continued growth in treasury management services to commercial customers.
Current wording
Service charges on deposits were $5.5 million in the second quarter of 2025, compared to $5.2 million in the first quarter of 2025, and $5.3 million in the second quarter of 2024. For the six months ended June 30, 2025, service charges on deposits totaled $10.7 million, an increase of $0.4 million, or 4%, compared to the six months ended June 30, 2024. The Company’s investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers.
Previous wording
Wealth management income, including trust fees and brokerage commissions and fees, was $4.2 million in the first quarter of 2025, compared to $4.0 million in the fourth quarter of 2024, and $3.5 million for the first quarter of 2024. The wealth management division continues to demonstrate success in building relationships, and assets under management have increased $74.0 million, or 4%, from December 31, 2024, to $2.1 billion at March 31, 2025.
Current wording
Wealth management income, including trust fees and brokerage commissions and fees, was $4.2 million in the second quarter of 2025, a decrease of $0.1 million, or 1%, from the first quarter of 2025 and an increase of $0.4 million, or 11%, compared to the second quarter of 2024. For the six months ended June 30, 2025, wealth management income totaled $8.4 million, an increase of $1.1 million, or 16%, compared to the six months ended June 30, 2024. The wealth management team continues to demonstrate success in building relationships, with assets under management increasing $160.6 million, or 8%, from December 31, 2024, to $2.2 billion at June 30, 2025.
Previous wording
Other income was $6.3 million in the first quarter of 2025, a decrease of $4.1 million, or 39%, compared to the fourth quarter of 2024, and an increase of $0.3 million, or 5%, compared to the first quarter of 2024. Changes in each period reflect variability in income from SBIC investments, loan swap-related fees, and other fees correlating with growth in customers and accounts.
Current wording
Other income was $7.5 million in the second quarter of 2025, an increase of $1.2 million, or 20%, compared to the first quarter of 2025, and an increase of $0.9 million, or 13%, compared to the second quarter of 2024. For the six months ended June 30, 2025, other income totaled $13.8 million, an increase of $1.2 million, or 9%, compared to the six months ended June 30, 2024. The second quarter of 2025 included $3.0 million in tax refunds received related to a prior bank acquisition. Other changes in each period reflect variability in income from SBIC investments, loan swap-related fees, and other fees correlating with growth in customers and accounts.
Previous wording
Noninterest expense for the first quarter of 2025 totaled $90.6 million, an increase of $5.0 million, or 6%, compared to the fourth quarter of 2024, and an increase of $0.2 million from the first quarter of 2024. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:
Current wording
Noninterest expense for the second quarter of 2025 totaled $91.7 million, an increase of $1.1 million, or 1%, compared to the first quarter of 2025, and an increase of $9.2 million, or 11%, from the second quarter of 2024. For the six months ended June 30, 2025, noninterest expense totaled $182.3 million, an increase of $9.4 million, or 5%, compared to the six months ended June 30, 2024. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Noninterest expenses are detailed as follows:
Previous wording
Salaries and wages totaled $42.2 million for the first quarter of 2025, $42.4 million for the fourth quarter of 2024, and $40.3 million for the first quarter of 2024. Thefirst quarter of 2025 reflects the successful recruiting and onboarding of banking teams and talent across our footprint. During the first quarter of 2025, the Company added 10 revenue producing bankers to the team.
Current wording
Salaries and wages totaled $44.4 million for the second quarter of 2025, $42.2 million for the first quarter of 2025, and $38.9 million for the second quarter of 2024. Thesecond quarter of 2025 reflects higher performance driven incentive compensation. For the six months ended June 30, 2025, salaries and wages totaled $86.7 million, an increase of $7.4 million, or 9%, compared to the six months ended June 30, 2024. The increases compared to the second quarter of 2024 and six months ended June 30, 2024 reflect the successful recruiting and onboarding of banking teams and talent across our footprint.
Previous wording
During the first quarter of 2025, employee benefits, which include costs associated with the Company’s self-funded health insurance benefits, 401(k) plan, payroll taxes, and unemployment compensation, were $8.9 million, an increase of $2.3 million, or 35%, compared to the fourth quarter of 2024, and an increase of $1.0 million, or 12%, compared to the first quarter of 2024. The increase compared to the fourth quarter of 2024 reflects higher seasonal payroll taxes and 401(k) contributions.
Current wording
During the second quarter of 2025, employee benefits, which include costs associated with the Company’s self-funded health insurance benefits, 401(k) plan, payroll taxes, and unemployment compensation, were $8.1 million, a decrease of $0.8 million, or 9%, compared to the seasonally higher first quarter of 2025, and an increase of $1.2 million, or 18%, compared to the second quarter of 2024. For the six months ended June 30, 2025, employee benefit costs totaled $17.0 million, an increase of $2.2 million, or 15%, compared to the six months ended June 30, 2024.
Previous wording
The Company utilizes third parties for its core data processing systems. Ongoing data processing costs are directly related to the number of transactions processed and the negotiated rates associated with those transactions. Outsourced data processing costs totaled $8.5 million, $8.3 million, and $12.1 million for the first quarter of 2025, fourth quarter of 2024, and first quarter of 2024, respectively.
Current wording
The Company utilizes third parties for its core data processing systems. Ongoing data processing costs are directly related to the number of transactions processed and the negotiated rates associated with those transactions. Outsourced data processing costs totaled $8.5 million for the second quarter of 2025 and the first quarter of 2025, and $8.2 million for the second quarter of 2024. For the six months ended June 30, 2025, outsourced data processing costs totaled $17.0 million, a decrease of $3.3 million, or 16%, compared to the six months ended June 30, 2024. In the first quarter of 2024, the Company incurred $4.1 million in charges associated with contract terminations and modifications to consolidate systems.
Previous wording
Marketing expenses totaled $2.7 million in the first quarter of 2025, $2.1 million in the fourth quarter of 2024, and $2.7 million in the first quarter of 2024. Changes between periods are primarily associated with the timing of various campaigns to support customer growth initiatives.
Current wording
Marketing expenses totaled $3.0 million in the second quarter of 2025, $2.7 million in the first quarter of 2025, and $3.3 million in the second quarter of 2024. For the six months ended June 30, 2025, marketing expenses totaled $5.7 million, a decrease of $0.2 million, or 4%, compared to the six months ended June 30, 2024. Changes between periods are primarily driven by the timing of various campaigns to support customer growth initiatives.
Previous wording
Legal and professional fees for the first quarter of 2025 were $2.7 million, a decrease of $0.1 million, or 2%, compared to the fourth quarter of 2024, and an increase of $0.6 million, or 27%, compared to the first quarter of 2024.
Current wording
Legal and professional fees for the second quarter of 2025 were $2.1 million, a decrease of $0.7 million, or 24%, compared to the first quarter of 2025, and an increase of $0.1 million, or 4%, compared to the second quarter of 2024. For the six months ended June 30, 2025, legal and professional fees totaled $4.8 million, an increase of $0.7 million, or 16%, compared to the six months ended June 30, 2024.
Previous wording
The provision for credit losses was $9.3 million for the first quarter of 2025, compared to $3.7 million for the fourth quarter of 2024, and $1.4 million for the first quarter of 2024. The increase in provision in the first quarter of 2025 reflects higher loan growth and recent heightened volatility in macroeconomic conditions. Allowance coverage of 1.34% remains flat compared to December 31, 2024.
Current wording
The provision for credit losses was $4.4 million in the second quarter of 2025, compared to $9.3 million in the first quarter of 2025, and $4.9 million in the second quarter of 2024. For the six months ended June 30, 2025, the provision for credit losses was $13.6 million, compared to $6.3 million for the six months ended June 30, 2024. Allowance coverage of 1.34% remains flat compared to December 31, 2024.
Previous wording
For the first quarter of 2025, the Company recorded tax expense of $9.4 million, a decrease of $0.1 million, or 1%, compared to the fourth quarter of 2024 and an increase of $1.6 million, or 20%, compared to the first quarter of 2024. The effective tax rate for the first quarter of 2025 was 23.0%, compared to 21.8% in the fourth quarter of 2024 and 23.1% in the first quarter of 2024.
Current wording
For the second quarter of 2025, the Company recorded tax expense of $12.6 million, an increase of $3.2 million, or 34%, compared to the first quarter of 2025 and an increase of $3.7 million, or 41%, compared to the second quarter of 2024. The effective tax rate for the second quarter of 2025 was 22.8%, compared to 23.0% in the first quarter of 2025 and 22.8% in the second quarter of 2024. For the six months ended June 30, 2025, tax expense totaled $22.0 million, an increase of $5.2 million, or 31%, compared to the six months ended June 30, 2024, with an effective tax rate of 22.9% in each period.
Previous wording
Total assets as of March 31, 2025 were $15.7 billion, an increase of $556.2 million, or 4%, from December 31, 2024.
Current wording
Total assets as of June 30, 2025 were $15.9 billion, an increase of $768.6 million, or 5%, from December 31, 2024.
Previous wording
At March 31, 2025, the Company had $2.6 billion in AFS securities and $624.7 million in HTM securities. The Company’s total debt securities portfolio increased $390.9 million from December 31, 2024. The first quarter of 2025 included strategic purchases in connection with the announcement of the Heartland acquisition. The Company purchased $412 million in AFS securities at a 5.7% taxable equivalent yield, which were funded with FHLB borrowings at a weighted-average rate of 4.3% until the expected date of acquisition close.
Current wording
At June 30, 2025, the Company had $2.9 billion in AFS securities and $613.3 million in HTM securities. The Company’s total debt securities portfolio increased $617.8 million from December 31, 2024. Throughout the first half of 2025, the Company made strategic securities purchases to deploy liquidity in advance of the Heartland acquisition.
Previous wording
Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 4.7 and 5.0, respectively, at March 31, 2025 compared to 4.7 and 4.9, respectively, at December 31, 2024.
Current wording
Debt securities generally return principal and interest monthly. The modified duration of the AFS securities portfolio and the total portfolio was 5.1 and 5.3, respectively, at June 30, 2025 compared to 4.7 and 4.9, respectively, at December 31, 2024.
Previous wording
At March 31, 2025, AFS securities had gross unrealized losses of $183.5 million and gross unrealized gains of $11.7 million, compared to gross unrealized losses of $211.3 million and gross unrealized gains of $3.5 million at December 31, 2024.
Current wording
At June 30, 2025, AFS securities had gross unrealized losses of $173.4 million and gross unrealized gains of $17.6 million, compared to gross unrealized losses of $211.3 million and gross unrealized gains of $3.5 million at December 31, 2024.
Previous wording
The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government sponsored entities totaled $2.9 billion, or 88%, of the total portfolio.
Current wording
The credit quality of the Company’s securities holdings is primarily investment grade. U.S. Treasury securities, obligations of U.S. government agencies, and obligations of U.S. government sponsored entities totaled $2.9 billion, or 91%, of the total portfolio.
Previous wording
The portfolio includes $124.0 million, with a fair value of $117.2 million, in private label residential and commercial mortgage-backed securities and collateralized mortgage obligations. Included are $114.4 million, with a fair value of $107.7 million, in private label residential securities with weighted-average credit support of 23%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans. Commercial securities totaled $9.6 million, with a fair value of $9.5 million. These securities have weighted-average credit support of 29%. The collateral underlying these mortgages are primarily pooled multifamily loans.
Current wording
The portfolio includes $113.4 million, with a fair value of $107.4 million, in private label residential and commercial mortgage-backed securities and collateralized mortgage obligations. Included are $108.8 million, with a fair value of $102.8 million, in private label residential securities with weighted-average credit support of 22%. The collateral underlying these mortgage investments includes both fixed-rate and adjustable-rate residential mortgage loans. Commercial securities totaled $4.7 million, with a fair value of $4.6 million. These securities have weighted-average credit support of 43%. The collateral underlying these mortgages are primarily pooled commercial real estate loans.
Previous wording
The Company also has invested $265.5 million in floating rate CLOs. CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of March 31, 2025, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 32%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.
Current wording
The Company also has invested $258.0 million in floating rate CLOs. CLOs are special purpose vehicles that purchase first lien broadly syndicated corporate loans while providing support to senior tranche investors. As of June 30, 2025, all of the Company’s CLOs were in AAA/AA tranches with weighted-average credit support of 32%. The Company utilizes credit models with assumptions of loan level defaults, recoveries, and prepayments to evaluate each security for potential credit losses. The result of this analysis did not indicate expected credit losses.
Previous wording
Loans, net of unearned income and excluding the allowance for credit losses, were $10.4 billion at March 31, 2025, an increase of $143.1 million, or 5.6% annualized, from December 31, 2024.
Current wording
Loans, net of unearned income and excluding the allowance for credit losses, were $10.6 billion at June 30, 2025, a $308.9 million, or 3.0%, increase from December 31, 2024.
Previous wording
The Company remains committed to sound risk management procedures. Portfolio diversification in terms of asset mix, industry, and loan type has been and continues to be an important element of the Company’s lending strategy. The average loan size is $426 thousand, and the average commercial loan size is $838 thousand at March 31, 2025, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships. Lending policies contain guardrails that pertain to lending by type of collateral and purpose, along with limits regarding loan concentrations and the principal amount of loans. The Company’s exposure to commercial real estate lending remains well below regulatory limits (see “Loan Concentrations”).
Current wording
The Company remains committed to sound risk management procedures. Portfolio diversification in terms of asset mix, industry, and loan type has been and continues to be an important element of the Company’s lending strategy. The average loan size is $437 thousand, and the average commercial loan size is $872 thousand at June 30, 2025, reflecting the Company’s longtime focus on granularity and on creating valuable customer relationships. Lending policies contain guardrails that pertain to lending by type of collateral and purpose, along with limits regarding loan concentrations and the principal amount of loans. The Company’s exposure to CRE lending remains well below regulatory limits (see “Loan Concentrations”).
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Current report — wording carried from elsewhere
All statements other than statements of historical fact could be forward-looking statements. You can identify these forward-looking statements through the use of words such as “may,” “will,” “anticipate,” “assume,” “should,” “support,” “indicate,”
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Previous report — wording carried elsewhere
BOLI income totaled $2.5 million for the first quarter of 2025, a decrease of $0.2 million, or 4%, compared to the fourth quarter of 2024, and an increase of $0.2 million, or 9%, compared to the first quarter of 2024.