Seacoast Banking of Florida(SBCF) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $31.5 million, or $0.37 per diluted share, compared to $34.1 million, or $0.40 per diluted share in Q4 2024, and $26.0 million, or $0.31 per diluted share in Q1 2024[2][7] - Adjusted net income for Q1 2025 was $32.1 million, or $0.38 per diluted share, compared to $40.6 million, or $0.48 per diluted share in Q4 2024, and $31.1 million, or $0.37 per diluted share in Q1 2024[3][7] - The Company reported net income of $31.5 million for Q1 2025, with diluted earnings per share (EPS) of $0.37[14] - Seacoast reported a net income of $31,464,000 for Q1 2025, a decrease from $34,085,000 in Q4 2024[25] - Net income for Q1 2025 was $31,464,000, down from $34,085,000 in Q4 2024, a decrease of 4.8%[27] - Adjusted Net Income for Q1'25 was $32,102,000, down from $40,556,000 in Q4'24, a decline of 20.9%[34] - Earnings per diluted share for Q1'25 was $0.37, compared to $0.40 in Q4'24, reflecting a decrease of 7.5%[34] Revenue and Income Sources - Net revenues were $140.7 million in Q1 2025, an increase of $7.8 million, or 6%, compared to the prior quarter, and an increase of $15.1 million, or 12%, compared to the prior year quarter[7] - Noninterest income totaled $22.2 million in Q1 2025, an increase of $5.1 million, or 30%, compared to the prior quarter[9] - Total interest income for Q1 2025 was $184,255,000, a slight decrease from $185,930,000 in Q4 2024[27] - Net interest income increased to $118,857,000 in Q1 2025 from $116,115,000 in Q4 2024, reflecting a net interest margin of 3.48%[25] - Noninterest income increased to $22,180,000 in Q1 2025, up from $17,068,000 in Q4 2024, representing a growth of 29.1%[27] Asset and Equity Management - Total assets as of March 31, 2025, were $15.7 billion, with total shareholders' equity of $2.2 billion[8] - Total assets reached $15,732,485,000 as of March 31, 2025, an increase from $15,176,308,000 at the end of 2024, marking a growth of 3.7%[28] - Total shareholders' equity increased to $2,229,740,000 as of March 31, 2025, compared to $2,183,243,000 at the end of 2024, a growth of 2.1%[28] Loan and Deposit Growth - Total loans increased by $143.1 million, or 5.6% annualized, totaling $10.4 billion as of March 31, 2025[10] - Total deposits rose by $332.4 million, or 11.0% annualized, reaching $12.6 billion as of March 31, 2025[10] - Total loans reached $10,443,021 thousand in Q1'25, up from $10,299,950 thousand in Q4'24, marking a growth of 1.4%[29] - Total deposits rose to $12,574,796,000 in Q1 2025, compared to $12,242,427,000 in Q4 2024, indicating an increase of 2.7%[28] Credit Quality and Loss Provisions - The provision for credit losses was $9.3 million in Q1 2025, compared to $3.7 million in Q4 2024 and $1.4 million in Q1 2024[7] - The provision for credit losses increased to $9,250,000 in Q1 2025, compared to $3,699,000 in Q4 2024, reflecting a significant rise of 150.5%[27] - Nonperforming loans decreased to $71.0 million, or 0.68% of total loans, as of March 31, 2025, down from $92.4 million at December 31, 2024[13] - Nonperforming loans decreased to $71,018 thousand in Q1'25 from $92,446 thousand in Q4'24, a decline of 23.2%[29] - The allowance for credit losses stood at $140,267 thousand at the end of Q1'25, slightly up from $138,055 thousand in Q4'24[29] Operational Efficiency - The efficiency ratio was 60.28% in Q1 2025, compared to 56.26% in Q4 2024 and 66.78% in the prior year quarter[9] - The efficiency ratio was reported at 60.28% for Q1 2025, compared to 56.26% in Q4 2024[14] - Adjusted Efficiency Ratio for Q1'25 was 59.53%, compared to 56.07% in Q4'24, indicating a decline in efficiency[34] Future Outlook and Mergers - The Company announced the proposed acquisition of Heartland Bancshares, Inc., expected to close in Q3 2025, which will add four branches in Central Florida[4][8] - Seacoast is in the process of merging with Heartland Bancshares, Inc. and Heartland National Bank, which may impact future financial performance[17] - The company emphasizes the importance of reading the proxy statement/prospectus related to the merger for critical information[17]