Seacoast Banking Corporation of Florida reported a net income of $36.5 million for the third quarter of 2025, translating to $0.42 per diluted share, marking a 19% increase from $30.7 million in the same quarter of 2024. For the nine months ending September 30, 2025, net income reached $110.6 million, or $1.28 per diluted share, a 27% rise compared to $86.9 million for the same period in 2024. The company’s total interest income for the third quarter was $202.7 million, up from $184.1 million year-over-year, while total interest expense decreased to $69.2 million from $77.5 million, resulting in a net interest income of $133.5 million, a 25% increase from the previous year.
The company experienced significant growth in its loan portfolio, which increased by $664.2 million, or 6.4%, to $11.0 billion as of September 30, 2025, compared to December 31, 2024. This growth was bolstered by the acquisition of Heartland Bancshares, which added approximately $153.3 million in loans and $705.2 million in deposits. The acquisition, completed on July 11, 2025, also contributed to a 10% increase in total assets, which reached $16.7 billion. Additionally, Seacoast announced the acquisition of Villages Bancorporation, expected to close in October 2025, which will further enhance its market presence in North Central Florida.
Operationally, Seacoast reported an organic deposit growth of 7% annualized and an organic loan growth of 8% annualized. The company’s total deposits increased by $847.9 million, or 7%, to $13.1 billion, with noninterest demand deposits representing 28% of total deposits. The bank's efficiency ratio improved to 60.66% in the third quarter of 2025, compared to 62.24% in the same quarter of 2024, reflecting effective cost management alongside strategic investments in growth.
Looking ahead, Seacoast anticipates that the Heartland acquisition will be accretive to earnings in 2026, with modest dilution to tangible book value expected to be recovered within two years. The company is focused on leveraging its recent acquisitions and organic growth strategies to enhance its market position and financial performance. Seacoast maintains a strong capital position, with a Tier 1 capital ratio of 14.5% and a tangible common equity to tangible assets ratio of 9.8%, positioning it well for future growth and stability in a competitive banking environment.
About SEACOAST BANKING CORP OF FLORIDA
Seacoast Banking Corporation of Florida is a financial holding company primarily operating Seacoast National Bank, offering commercial and consumer banking, wealth management, mortgage, and insurance services. Serving Florida's growing markets, it leverages advanced digital banking, branch networks, and strategic acquisitions. The company emphasizes strong regulatory compliance, risk management, and customer service to maintain its competitive position in the regional banking sector.
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