Quarterly ResultApr 28, 2026, 04:13 PM
SBCF Q1 Adjusted Net Income $67.8M; NIM +17bps to 3.83%
AI Summary
Seacoast Banking Corporation of Florida reported Q1 2026 unaudited results, with adjusted net income of $67.8 million, or $0.62 per share, up 42% QoQ and 111% YoY. This included a $39.5 million loss from a strategic securities repositioning aimed at increasing future interest income. The company achieved 7% annualized organic deposit growth and saw its net interest margin expand by 17 basis points to 3.83%.
Key Highlights
- Adjusted net income of $67.8 million, up 42% QoQ and 111% YoY.
- Adjusted diluted EPS of $0.62 per share.
- Net interest margin grew 17 basis points to 3.83%.
- Annualized organic deposit growth of 7%, with noninterest-bearing deposits up 29% annualized.
- Strategic repositioning of $277.0 million in securities resulted in a $39.5 million loss, reinvested at 4.8% yield.
- Repurchased 317,628 shares of common stock.
- Adjusted return on average assets was 1.31% and adjusted return on average tangible shareholders' equity was 16.26%.
- Cost of deposits declined 13 basis points to 1.54%.