Seacoast Banking of Florida(SBCF) - 2025 Q3 - Quarterly Results

Financial Performance - Net income for Q3 2025 was $36.5 million, or $0.42 per diluted share, a 19% increase year-over-year[5] - Adjusted net income for Q3 2025 was $45.2 million, or $0.52 per diluted share, representing a 48% increase from the prior year quarter[5] - Net income for Q3'25 was $36,467 thousand, a decrease of 14.25% from $42,687 thousand in Q2'25[22] - Adjusted net income for Q3'25 was $45,164 thousand, slightly up from $44,466 thousand in Q2'25, indicating a growth of 1.57%[22] - Net income for Q3 2025 was $36,467,000, a decrease of 14.3% from Q2 2025's $42,687,000[40] - Earnings per diluted share for Q3 2025 was $0.42, down from $0.50 in Q2 2025, representing a decline of 16%[40] Revenue and Income Growth - Net interest income totaled $133.5 million in Q3 2025, a 25% increase compared to Q3 2024[10] - Net interest income for Q3'25 was $133,906, up 5.0% from $127,295 in Q2'25 and up 25.2% from $106,975 in Q3'24[32] - Total noninterest income for Q3'25 was $23,818, a decrease from $24,521 in Q2'25 but an increase from $22,180 in Q3'24[33] - Total noninterest income for Q3 2025 was $23,818,000, slightly down from $24,521,000 in Q2 2025[40] Asset and Deposit Growth - Total assets reached $16.7 billion and total shareholders' equity was $2.4 billion as of September 30, 2025, with a book value per share of $27.07, up from $26.43 in the prior quarter[15] - Total deposits were $13.1 billion, an increase of $592.7 million, or 19% annualized, compared to the prior quarter, including $705.2 million from the Heartland acquisition[18] - Total deposits rose to $13,090,319 thousand in Q3'25, compared to $12,497,598 thousand in Q2'25, marking an increase of 4.73%[22] - Total customer funding reached $13,137,005 thousand, an increase from $12,168,385 thousand in the prior quarter, reflecting a growth of 7.95%[38] Loan Growth - Organic deposit growth was 7% annualized, while organic loan growth was 8% annualized[5] - Loans increased by $355.3 million, or 13% annualized, totaling $11.0 billion as of September 30, 2025, with an annualized organic loan growth of 8% excluding the Heartland acquisition[15] - Total loans reached $10,964,173 thousand in Q3'25, an increase of 3.4% from $10,608,824 thousand in the prior quarter[35] Efficiency and Expenses - Noninterest expense was $102.0 million in Q3 2025, an increase of 20% compared to the prior year quarter[12] - The efficiency ratio was 60.66% in Q3 2025, compared to 56.95% in Q2 2025, while the adjusted efficiency ratio improved to 53.84%[15] - Total noninterest expense for Q3 2025 was $101,987,000, an increase of 11.5% from $91,730,000 in Q2 2025[40] Capital and Regulatory Ratios - Tangible common equity to tangible assets ratio rose to 9.76%, with a Tier 1 capital ratio of 14.5% as of September 30, 2025[4] - The Company had a Tier 1 capital ratio of 14.5% as of September 30, 2025, remaining well capitalized according to U.S. regulatory requirements[21] Asset Quality - Nonperforming loans decreased to $60.6 million, or 0.55% of total loans, down from $64.2 million in the prior quarter[18] - The allowance for credit losses stood at $147,453 thousand, up from $142,184 thousand in the previous quarter, indicating a proactive approach to credit risk management[35] - Nonperforming assets to total assets ratio improved to 0.39% from 0.44% in the previous quarter, suggesting better overall asset performance[35] Mergers and Acquisitions - The company completed the acquisition of Heartland Bancshares, adding approximately $153.3 million in loans and $705.2 million in deposits[7] - The acquisition of Villages Bancorporation added 19 branches and approximately $4 billion in assets, enhancing growth potential[8] - Seacoast Banking Corporation of Florida plans to integrate 19 recently acquired branches under the name Citizens First Bank by 2026[24] Future Outlook and Events - The company will host a conference call on October 28, 2025, to discuss Q3'25 earnings results and business trends[23] - The company emphasizes the use of non-GAAP financial measures to provide a clearer understanding of its performance and trends[39] - Management believes that non-GAAP measures enhance investors' understanding of the company's business and performance[39]