Seacoast Banking of Florida(US:SBCF)2025-04-25 16:23Financial Performance - Net income was $315 million, with earnings per diluted share at $037[10] - Pre-tax pre-provision earnings increased to $506 million[10] - Net interest income totaled $1189 million, a 2% increase from the prior quarter[14] - Net interest margin expanded to 348%, or 324% excluding accretion on acquired loans[10] Deposits and Loans - Total deposits grew by $3324 million, or 110% annualized[10] Excluding brokered deposits, total deposits increased $3635 million, or 123% annualized[58] - Noninterest-bearing deposits grew by $1401 million, or 170% annualized[10] - Loans grew 56% on an annualized basis[10] Loans outstanding increased by $1431 million, or 56% annualized, from the prior quarter[35] Noninterest Income and Expense - Noninterest income increased $51 million from the prior quarter to $222 million, while adjusted noninterest income decreased $35 million to $220 million[18] - Wealth management income totaled $42 million, a 6% increase from the prior quarter and a 20% increase from the prior year quarter[19] Assets under management have grown 14% year over year[19] - Noninterest expense totaled $906 million, a 6% increase from the prior quarter[30] Asset Quality and Capital - Tier 1 capital ratio stood at 147%[9, 10] - Tangible book value per share increased 10% year over year to $1671[10] - Assets under management totaled $21 billion, increasing 14% year over year[24] Since 2021, assets under management have increased at a CAGR of 23%[26]