SEACOAST BANKING CORP OF FLORIDA
For the period ended Sep 30, 2025. Filed Nov 5, 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.
Sep 30, 2025 · Filed Nov 5, 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 2025-06-30; filed 2025-08-08.
0000730708-25-000186
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-11-05.
0000730708-25-000216
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 190 previous paragraphs and 190 current paragraphs.
93 unchanged; 86 reworded; 11 added; 10 removed; 1 previous and 0 current paragraphs rearranged.
Tables are not compared: 18 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 (11)
Current report
•Government actions or inactions, including a prolonged shutdown of the federal government;
Current report
•The risks relating to bank acquisitions including the mergers with Heartland and VBI including, without limitation: the diversion of management's time on issues related to the mergers; unexpected transaction costs, including the costs of integrating operations; the risks that the businesses will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; the potential failure to fully or timely realize expected revenues and revenue synergies, including as the result of revenues following the mergers being lower than expected; the risk of deposit and customer attrition; regulatory enforcement and litigation risk; any changes in deposit mix; unexpected operating and other costs, which may differ or change from expectations; the risks of customer and employee loss and business disruptions, including, without limitation, as the result of difficulties in maintaining relationships with employees; increased competitive pressures and solicitations of customers by competitors; as well as the difficulties and risks inherent with entering new markets; and
Current report
•Net income of $36.5 million, or $0.42 per average diluted share, which includes $10.8 million in merger-related charges, increased $5.8 million, or 19%, compared to the third quarter of 2024.
Current report
•Adjusted net income 1 increased 48% compared to thethird quarter of 2024 to $45.2 million, or $0.52 per share.
Current report
•Organic deposit growth of 7% annualized.
Current report
•Organic loan growth of 8% annualized.
Current report
•Net interest income of $133.5 million, increased $6.6 million, or 5%, compared to the second quarter of 2025.
Current report
•Net interest margin, excluding accretion on acquired loans, expanded three basis points to 3.32% compared to the second quarter of 2025.
Current report
Mortgage banking fees totaled $0.5 million, a decrease of $0.2 million, or 25%, compared to the second quarter of 2025 and remained flat compared to the third quarter of 2024.
Current report
BOLI income totaled $3.9 million for the third quarter of 2025, an increase of $0.5 million, or 15%, compared to the second quarter of 2025, and an increase of $1.3 million, or 50%, compared to the third quarter of 2024. The increases resulted from $1.3 million in death benefit payouts in the third quarter of 2025, compared to $0.9 million in the second quarter of 2025. For the nine months ended September 30, 2025, BOLI income totaled $9.7 million, an increase of $2.3 million, or 31%, compared to the nine months ended September 30, 2024.
Current report
Total assets as of September 30, 2025 were $16.7 billion, an increase of $1.5 billion, or 10%, from December 31, 2024. The increase includes organic growth and the acquisition of Heartland on July 11, 2025, which added $823.5 million in assets.
Removed paragraphs (10)
Previous 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.
Previous report
•Strong gains in return on average assets, return on tangible common equity and the efficiency ratio.
Previous report
•Loans grew 6.4% on an annualized basis to $10.6 billion, and the overall loan pipeline remained robust at $920.9 million.
Previous report
•Net interest income of $126.9 million, an increase of $8.3 million, or 7%.
Previous 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%.
Previous report
•Cost of deposits declined 13 basis points to 1.80%.
Previous 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
Previous 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.
Previous 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.
Previous report
Total assets as of June 30, 2025 were $15.9 billion, an increase of $768.6 million, or 5%, from December 31, 2024.
Reworded paragraphs (86)
Previous 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.
Current wording
The emphasis of this discussion will be on the three and nine months ended September 30, 2025 compared to the three and nine months ended September 30, 2024 for the consolidated statements of income. For the consolidated balance sheets, the emphasis of this discussion will be the balances as of September 30, 2025 compared to December 31, 2024.
Previous 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:
Current 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:
Previous wording
•Potential impacts of adverse developments in the banking industry, including those highlighted by high-profile bank failures, and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding;
Current wording
•Potential impacts of adverse developments in the banking industry and including impacts on customer confidence, deposit outflows, liquidity and the regulatory response thereto (including increases in the cost of our deposit insurance assessments), the Company’s ability to effectively manage its liquidity risk and any growth plans, and the availability of capital and funding;
Previous wording
•Governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes including overdraft and late fee caps (if implemented), including those that impact the money supply and inflation;
Current wording
•Governmental monetary and fiscal policies, including interest rate policies of the Board of Governors of the Federal Reserve, as well as legislative, tax and regulatory changes, including those that impact the money supply and inflation;
Previous wording
•The risks of changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;
Current wording
•The risks of continued changes in interest rates on the level and composition of deposits (as well as the cost of, and competition for, deposits), loan demand, liquidity and the values of loan collateral, securities, and interest rate sensitive assets and liabilities;
Previous wording
•The risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results; and
Current wording
•The risk that balance sheet, revenue growth, and loan growth expectations may differ from actual results;
Previous wording
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 wording
On July 11, 2025, the Company completed its acquisition of Heartland, adding approximately $153.3 million in loans and $705.2 million in deposits, along with four branches in Central Florida. Integration activities, including system conversion, were also completed 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.
Previous wording
Proposed Acquisition of Villages Bancorporation, Inc.
Current wording
Fourth Quarter of 2025 Acquisition of Villages Bancorporation, Inc.
Previous 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.
Current wording
On October 1, 2025, the Company completed its acquisition of VBI. This transformative transaction expands the Company’s presence in North Central Florida including The Villages® community, adding 19 branches. Full integration and system conversion activities are expected to be completed in the third quarter of 2026.
Previous wording
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 wording
VBI enjoys the leading market share in the rapidly growing Villages MSA. VBI’s future growth potential and low loan-to-deposit ratio provide significant opportunity for expansive growth throughout the Seacoast footprint. 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 the second half of 2026.
Previous 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:
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 third quarter of 2025 include strong growth in loans and deposits supporting improved net interest income. Seacoast continues to prudently manage expenses while strategically investing to support continued growth. Highlights for the third quarter of 2025 include:
Previous wording
•Tangible book value per share of $17.19 increased 12% year over year.
Current wording
•Tangible book value per share of $17.61 increased 9% year over year, well overcoming the dilutive impact of the Heartland acquisition.
Previous 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%.
Current wording
•Strong capital position, with a Tier 1 capital ratio of 14.5% and a tangible common equity to tangible assets ratio of 9.8%.
Previous 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.
Current wording
For the third quarter of 2025, the Company reported net income of $36.5 million, or $0.42 per average diluted share, a decrease of $6.2 million, or 15%, from the second quarter of 2025 and an increase of $5.8 million, or 19%, compared to the third quarter of 2024. Adjusted net income 1 for the third quarter of 2025 totaled $45.2 million, or $0.52 per average diluted share, an increase of $0.7 million, or 2%, compared to the second quarter of 2025 and an increase of $14.7 million, or 48%, compared to the third quarter of 2024.
Previous wording
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 wording
For the nine months ended September 30, 2025, net income totaled $110.6 million, or $1.28 per average diluted share, an increase of $23.7 million, or 27%, compared to the nine months ended September 30, 2024. For the nine months ended September 30, 2025, adjusted net income 1 totaled $121.7 million, or $1.41 per average diluted share, an increase of 32%, compared to $91.9 million, or $1.08 per average diluted share, for the nine months ended September 30, 2024.
Previous wording
2024, largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland acquisition.
Current wording
Net interest income for the third quarter of 2025 totaled $133.5 million, an increase of $6.6 million, or 5%, compared to the second quarter of 2025, and an increase of $26.8 million, or 25%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, net interest income totaled $378.8 million, an increase of $62.7 million, or 20%, compared to the nine months ended September 30, 2024. The increase was largely driven by growing loan and securities balances. Interest income on loans increased by $4.8 million in the third quarter of 2025, reflecting continued strong loan production. Securities income increased $3.5 million, or 11%, with purchases during the nine months ended September 30, 2025 at higher yields. Included in loan interest income was accretion on acquired loans of $9.5 million in the third quarter of 2025, $10.6 million in the second quarter of 2025, and $9.2 million in the third quarter of 2024. Accretion on acquired loans totaled $28.3 million for the nine months ended September 30, 2025, compared to $30.0 million for the nine months ended September 30, 2024. Interest expense on deposits increased $2.5 million, or 6%, compared to the second quarter of 2025, and decreased $8.8 million, or 17%, compared to the third quarter of 2024. The increase from the second quarter of 2025 reflects higher balances through both organic growth and from the Heartland acquisition. Interest expense on borrowed money decreased $1.0 million, or 9%, compared to the second quarter of 2025, and increased $3.3 million, or 51%, compared to the third quarter of 2024. The decrease from the second quarter of 2025 reflects a partial repayment of wholesale borrowings during the third quarter of 2025. The increase from the third quarter of 2024 is largely due to higher short-term borrowings used to fund strategic purchases of securities in advance of the Heartland and VBI acquisitions.
Previous wording
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 wording
Net interest margin (on a FTE basis)1 decreased one basis point to 3.57% in the third quarter of 2025, compared to 3.58% in the second quarter of 2025, and expanded 40 basis points from 3.17% in the third quarter of 2024, largely driven by lower deposit costs. Compared to the second quarter of 2025, securities yields increased five basis points in the third quarter of 2025 to 3.92% and increased 17 basis points from the third quarter of 2024. The yield on loans decreased to 5.96% for the third quarter of 2025, a decrease of two basis points from the second quarter of 2025 and increased two basis points from the third quarter of 2024. The effect on net interest margin of accretion of purchase discounts on acquired loans was an increase of 25 basis points for the third quarter of 2025, 29 basis points in the second quarter of 2025, and 27 basis points in the third quarter of 2024. The cost of deposits was 1.81% in the third quarter of 2025, compared to 1.80% in the second quarter of 2025, and 2.34% in the third quarter of 2024. The cost of funds was 1.96% in the third quarter of 2025, compared to 1.99% in the second quarter of 2025, and 2.43% in the third quarter of 2024.
Previous wording
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 wording
For the nine months ended September 30, 2025, net interest margin (on a FTE basis)1 increased 35 basis points to 3.55% compared to the nine months ended September 30, 2024, largely driven by lower deposit costs. The yield on securities was 3.89% for the nine months ended September 30, 2025, compared to 3.65% for the nine months ended September 30, 2024. The yield on total loans increased from 5.93% for the nine months ended September 30, 2024 to 5.95% for the nine months ended September 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 nine months ended September 30, 2025, compared to 30 basis points for the nine months ended September 30, 2024. The cost of deposits was 1.85% for the nine months ended September 30, 2025, a decrease of 43 basis points compared to the nine months ended September 30, 2024. The cost of funds was 2.00% for the nine months ended September 30, 2025, a decrease of 38 basis points compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Average loans increased $246.1 million, or 2%, for the third quarter of 2025 compared to the second quarter of 2025, and increased $676.3 million, or 7%, from the third quarter of 2024. For the nine months ended September 30, 2025, average loans increased $527.6 million, or 5%, from the nine months ended September 30, 2024.
Previous 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.
Current wording
Average loans as a percentage of average earning assets totaled 73% for the third quarter of 2025, 74% for the second quarter of 2025, and 75% for the third quarter of 2024. For the nine months ended September 30, 2025, average loans as a percentage of average earning assets totaled 74%, compared to 76% for the nine months ended September 30, 2024.
Previous 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.
Current wording
During the third quarter of 2025, average investment securities increased $280.9 million, or 8.3%, compared to the second quarter of 2025, and increased $888.8 million, or 32.2%, compared to the third quarter of 2024. Securities yields increased five basis points to 3.92% during the third quarter of 2025 from 3.87% in the second quarter of 2025. For the nine months ended September 30, 2025, average investment securities were $3.4 billion, an increase of $707.6 million compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
The cost of average interest-bearing liabilities decreased three basis points in the third quarter of 2025 to 2.63% from 2.66% in the second quarter of 2025 and decreased 69 basis points from 3.32% in the third quarter of 2024. The cost of average total deposits (including noninterest bearing demand deposits) was 1.81% in the third quarter of 2025, 1.80% in the second quarter of 2025, and 2.34% in the third quarter of 2024. For the nine months ended September 30, 2025, the cost of average total deposits (including noninterest bearing demand deposits) was 1.85% compared to 2.28% for the nine months ended September 30, 2024.
Previous 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.
Current wording
During the third quarter of 2025, average transaction deposits (noninterest and interest-bearing demand) increased $189.4 million compared to the second quarter of 2025, and increased $330.7 million, or 6%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, average transaction deposits decreased $14.8 million compared to the nine months ended September 30, 2024. The Company’s deposit mix remains favorable, with 86% of average deposit balances comprised of savings, money market, and demand deposits for the nine months ended September 30, 2025.
Previous 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.
Current wording
Average balances of sweep repurchase agreements with customers increased $38.4 million, or 21%, from the second quarter of 2025, and decreased $16.8 million, or 7%, compared to the third quarter of 2024. The average rate on customer sweep repurchase accounts was 2.40% for the third quarter of 2025, compared to 2.62% for the second quarter of 2025, and 3.37% for the third quarter of 2024. For the nine months ended September 30, 2025, the average balance was $203.9 million, compared to an average balance of $289.2 million for the nine months ended September 30, 2024 with average rates of 2.58% and 3.61%, respectively.
Previous 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%.
Current wording
The Company had an average balance of $637.8 million in FHLB borrowings outstanding for the third quarter of 2025, with an average interest rate of 4.17%, compared to $724.2 million for the second quarter of 2025, with an average interest rate of 4.32%, and $237.9 million for the third quarter of 2024, with an average interest rate of 4.26%. The Company had an average balance of $582.6 million in FHLB borrowings outstanding for the nine months ended September 30, 2025, with an average interest rate of 4.27%, compared to $163.5 million for the nine months ended September 30, 2024, with an average interest rate of 4.17%.
Previous 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.
Current wording
Long-term debt balances averaged $107.4 million in the third quarter of 2025, $107.2 million in the second quarter of 2025, and $106.7 million in the third quarter of 2024. The average rate on long-term debt for the third quarter of 2025 was 6.33%, a decrease of seven basis points compared to the second quarter of 2025 and a decrease of 72 basis points compared to the third quarter of 2024. For the nine months ended September 30, 2025, long-term debt averaged $107.2 million, compared to $106.5 million for the nine months ended September 30, 2024. The average rate on long-term debt for the nine months ended September 30, 2025 was 6.39%, a decrease of 74 basis points compared to the nine months ended September 30, 2024.
Previous wording
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 wording
Noninterest income totaled $23.8 million for the third quarter of 2025, a decrease of $0.7 million, or 3%, compared to the second quarter of 2025, and an increase of $0.1 million, or 1%, compared to the third quarter of 2024. Noninterest income totaled $70.5 million for the nine months ended September 30, 2025, an increase of $4.2 million, or 6%, compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Service charges on deposits were $6.2 million in the third quarter of 2025, compared to $5.5 million in the second quarter of 2025, and $5.4 million in the third quarter of 2024. For the nine months ended September 30, 2025, service charges on deposits totaled $16.9 million, an increase of $1.2 million, or 8%, compared to the nine months ended September 30, 2024. The Company’s investments in talent and significant market expansion 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 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.
Current wording
Wealth management income, including trust fees and brokerage commissions and fees, was $4.6 million in the third quarter of 2025, an increase of $0.4 million, or 9%, from the second quarter of 2025 and an increase of $0.7 million, or 19%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, wealth management income totaled $13.0 million, an increase of $1.9 million, or 17%, compared to the nine months ended September 30, 2024. The wealth management team saw record growth in building relationships, with assets under management increasing $414.1 million, or 20%, from December 31, 2024, to $2.5 billion at September 30, 2025.
Previous wording
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 wording
Interchange income increased $0.1 million, or 6%, compared to the second quarter of 2025 and increased 5% compared to the third quarter of 2024. For the nine months ended September 30, 2025, interchange income remained flat at $5.7 million, compared to the nine months ended September 30, 2024.
Previous wording
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 wording
Insurance agency income totaled $1.5 million in the third quarter of 2025, compared to $1.3 million in the second quarter of 2025, and $1.4 million in the third quarter of 2024. For the nine months ended September 30, 2025, insurance agency income totaled $4.4 million, an increase of $0.3 million, or 9%, compared to the nine months ended September 30, 2024, reflecting continued growth and expansion of insurance services.
Previous 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.
Current wording
Other income was $6.0 million in the third quarter of 2025, a decrease of $1.5 million, or 20%, compared to the second quarter of 2025, and a decrease of $1.9 million, or 24%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, other income totaled $19.8 million, a decrease of $0.7 million, or 3%, compared to the nine months ended September 30, 2024. The second quarter of 2025 included $3.0 million in tax refunds received related to a prior bank acquisition. The resulting comparative decline was partially offset by higher gains on SBA loan sales and higher loan swap fees in the third quarter of 2025.
Previous wording
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 wording
Net securities activity resulted inlosses of$0.8 million during thethird quarter of 2025, gains of $39.0 thousand in the second quarter of 2025, and gains of$0.2 million in the third quarter of 2024. Net securities activity resulted in losses of $0.6 million and gains of $0.4 million, respectively, for the nine months ended September 30, 2025 and 2024.
Previous 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:
Current wording
Noninterest expense for the third quarter of 2025 totaled $102.0 million, an increase of $10.3 million, or 11%, compared to the second quarter of 2025, and an increase of $17.2 million, or 20%, from the third quarter of 2024. Merger-related charges totaled $10.8 million in the third quarter of 2025, compared to $2.4 million in the second quarter of 2025. For the nine months ended September 30, 2025, noninterest expense totaled $284.3 million, an increase of $26.6 million, or 10%, compared to the nine months ended September 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 $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.
Current wording
Salaries and wages totaled $46.3 million for the third quarter of 2025, $44.4 million for the second quarter of 2025, and $40.7 million for the third quarter of 2024. For the nine months ended September 30, 2025, salaries and wages totaled $133.0 million, an increase of $13.1 million, or 11%, compared to the nine months ended September 30, 2024. The increases reflect the continued expansion of the Company’s footprint, including the completion of the acquisition of Heartland, and higher performance driven incentive compensation.
Previous 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.
Current wording
During the third 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 $7.4 million, a decrease of $0.7 million, or 9%, compared to the second quarter of 2025, and an increase of $0.4 million, or 6%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, employee benefit costs totaled $24.4 million, an increase of $2.6 million, or 12%, compared to the nine months ended September 30, 2024, primarily due to the continued expansion of the Company’s footprint.
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 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.
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 $9.3 million for the third quarter of 2025, $8.5 million for the second quarter of 2025, and $8.0 million for the third quarter of 2024. Increases reflect higher transaction volume and growth in customers, including from the acquisition of Heartland. For the nine months ended September 30, 2025, outsourced data processing costs totaled $26.4 million, a decrease of $2.0 million, or 7%, compared to the nine months ended September 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
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 wording
Total occupancy and furniture and equipment expenses were $9.9 million in the third quarter of 2025, $9.6 million in the second quarter of 2025, and $9.2 million in the third quarter of 2024. For the nine months ended September 30, 2025, occupancy and furniture and equipment expenses totaled $28.9 million, an increase of $0.6 million, or 2%, compared to the nine months ended September 30, 2024. The increases are largely due to growth in the branch network.
Previous 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.
Current wording
Marketing expenses totaled $2.5 million in the third quarter of 2025, $3.0 million in the second quarter of 2025, and $2.7 million in the third quarter of 2024. For the nine months ended September 30, 2025, marketing expenses totaled $8.2 million, a decrease of $0.4 million, or 5%, compared to the nine months ended September 30, 2024.
Previous 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.
Current wording
Legal and professional fees for the third quarter of 2025 were $1.7 million, a decrease of $0.4 million, or 19%, compared to the second quarter of 2025, and a decrease of $1.0 million, or 38%, compared to the third quarter of 2024. For the nine months ended September 30, 2025, legal and professional fees totaled $6.5 million, a decrease of $0.4 million, or 5%, compared to the nine months ended September 30, 2024. Changes between periods are largely associated with the timing of various projects.
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