Quarterly ResultMay 13, 2026, 04:07 PM
Seacoast Banking Q1 Adjusted EPS $0.62; Villages Bancorporation Acquisition
AI Summary
Seacoast Banking Corporation of Florida reported strong financial performance for Q1 2026, with adjusted net income significantly increasing by 111% year-over-year to $67.8 million and adjusted diluted EPS reaching $0.62. The company achieved robust organic deposit growth and an expanded net interest margin. This performance was bolstered by the transformative acquisition of Villages Bancorporation, which added substantial assets and low-cost deposits, contributing to a positive outlook for 2026.
Key Highlights
- Q1 2026 Adjusted Net Income was $67.8 million, up 42% from prior quarter and 111% year-over-year.
- Q1 2026 Adjusted Diluted EPS was $0.62.
- Q1 2026 Adjusted Return on Average Assets (ROA) was 1.31% and Adjusted Return on Average Tangible Shareholders' Equity (ROTE) was 16.26%.
- Organic deposit growth was 7% annualized, with noninterest-bearing deposits growing 29% annualized.
- Net interest margin increased 17 basis points to 3.83% in Q1 2026.
- The acquisition of Villages Bancorporation added $4.4 billion assets, $1.2 billion loans, and $3.5 billion low-cost deposits.
- The company repurchased 317,628 shares of common stock during Q1 2026.
- 2026 outlook projects Adjusted Revenue growth of 28%-31% and Adjusted EPS of $2.48-$2.52.