Seacoast Banking Corporation of Florida reported net income of $31.5 million, or $0.37 per diluted share, for the first quarter of 2025. Adjusted net income reached $32.1 million, or $0.38 per diluted share. Pre-tax pre-provision earnings increased 6% quarter-over-quarter to $50.6 million.
The net interest margin expanded by nine basis points to 3.48%, with the core net interest margin (excluding accretion on acquired loans) expanding 19 basis points to 3.24%. Total deposits grew by an annualized 11% to $12.57 billion, and loans increased by an annualized 5.6% to $10.44 billion.
The cost of deposits declined by 15 basis points to 1.93%. Tangible book value per share increased 10% year-over-year to $16.71. Seacoast also expanded its branch footprint with new locations in the Fort Lauderdale and Tampa markets, and the Heartland Bancshares acquisition is expected to close in the third quarter of 2025.
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