Seacoast Banking Corporation of Florida reported net income of $42.7 million, or $0.50 per diluted share, for the second quarter of 2025, marking a 36% increase quarter-over-quarter. Adjusted net income reached $44.5 million, or $0.52 per diluted share, up 39% sequentially.
Net interest income increased by $8.3 million, or 7%, quarter-over-quarter to $126.9 million, driven by a 10 basis point expansion in the net interest margin to 3.58%. The core net interest margin also expanded by 5 basis points to 3.29%, and the cost of deposits declined by 13 basis points to 1.80%.
Loan growth remained robust at an annualized 6.4%, bringing total loans to $10.6 billion. Noninterest income increased 11% quarter-over-quarter to $24.5 million, bolstered by treasury management services, wealth and insurance businesses, and a $0.9 million BOLI death benefit payout, alongside a $3.0 million payroll tax credit.
Credit quality remained strong, with nonperforming loans declining to 0.61% of total loans and net charge-offs at a modest $2.5 million. The company maintained a strong capital position, with a Tier 1 capital ratio of 14.6% and a tangible common equity to tangible assets ratio of 9.75%.
The acquisition of Heartland Bancshares, Inc. was completed on July 11, 2025, adding approximately $157 million in loans and $684 million in deposits. The proposed acquisition of Villages Bancorporation, Inc. is expected to close in the fourth quarter of 2025, adding approximately $1.3 billion in loans and $3.5 billion in deposits.
Management projects net interest income to continue growing through the remainder of the year, anticipating a core net interest margin of approximately 3.45% by year-end 2025, inclusive of acquisitions. They also forecast mid- to high single-digit organic loan growth and low single-digit organic deposit growth for the second half of 2025 and the full year.
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