Key Highlights

  • Seacoast Banking reported third quarter net income of USD 59.9 million, or USD 0.55 per diluted share.
  • Adjusted net income was USD 71.8 million, or USD 0.66 per diluted share, up 9% from the prior quarter.
  • Net interest margin was stable at 3.83%, while organic loan growth was 13% annualized for the quarter.
  • Adjusted return on average tangible shareholders' equity was 16.89%, up from 15.79% in the prior quarter.

Adjusted Earnings Grow on Stable Margin and Loan Growth

Seacoast Banking Corporation (NASDAQ:SBCF) reported third quarter net income of USD 59.9 million, or USD 0.55 per diluted share, up 1% from the prior quarter and 64% from the prior year quarter. Adjusted net income, a non-GAAP measure, was USD 71.8 million, or USD 0.66 per diluted share, up 9% from the prior quarter and 59% from the prior year quarter.

Net revenues were USD 215.0 million, up 3% from the prior quarter and 37% from the prior year quarter, while adjusted net revenues were USD 217.5 million, up 4% sequentially and 37% year over year. For the nine months ended September 30, 2026, net income was USD 151.3 million and adjusted net income was USD 205.4 million.

Loan Growth and Margin Stability

Organic loan growth was 13% annualized in the third quarter and 10% annualized year to date. Net interest margin was stable at 3.83% compared with the prior quarter and increased 26 basis points from 3.57% a year earlier. Excluding the effects of accretion on acquired loans, net interest margin expanded 1 basis point to 3.66%.

Loan yields were 5.89%, up 1 basis point from the prior quarter, while securities yields increased to 4.52%, up 5 basis points sequentially and 60 basis points year over year. The cost of deposits increased 7 basis points to 1.60% sequentially but declined 21 basis points from a year earlier.

Profitability Metrics Show Continued Improvement

Adjusted pre-tax pre-provision earnings increased 5% from the prior quarter and 49% from the prior year quarter. Return on average assets was 1.11%, with adjusted return on average assets at 1.34%, up from 1.25% in the prior quarter. Return on average tangible shareholders' equity was 14.34%, with the adjusted measure at 16.89%, up from 15.79% in the prior quarter.

The adjusted efficiency ratio improved to 53.9% from 54.5% in the second quarter and 57.6% a year earlier, reflecting the company's continued focus on disciplined expense control alongside investments to support growth.

Margin and Growth Metrics to Track

Net interest margin stability relative to the 3.83% reported this quarter, continued organic loan growth relative to the 13% annualized pace this period, and the adjusted efficiency ratio relative to the 53.9% improvement reported this quarter are among the items that may shape how the fourth quarter compares with this result.