While NII grew 48.9% year-over-year in 2026Q1, the net interest margin remains stagnant at 0.8%, suggesting that acquisition-led expansion is failing to drive meaningful operating leverage.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Net Interest Income | 611.43M | 553.48M | 431.97M | 488.24M | 366.16M | 276.02M | 262.74M | 243.62M | 211.51M | 176.3M | 139.59M | 109.49M | 74.91M | 65.21M | 64.81M | 66.84M | 66.21M | 73.59M | 77.23M | 84.47M | 89.04M | 72.19M | 52.77M | 45.77M | 47.42M | 45.49M | 42.09M | 43.09M | 40.2M | 38.1M | 36.2M |
| NII Growth % | 146.31% | 28.13% | -11.52% | 33.34% | 32.66% | 5.06% | 7.85% | 15.18% | 19.98% | 26.3% | 27.49% | 46.16% | 14.88% | 0.61% | -3.04% | 0.95% | -10.02% | -4.72% | -8.57% | -5.13% | 23.35% | 36.78% | 15.29% | -3.47% | 4.24% | 8.07% | -2.31% | 7.19% | 5.51% | 5.25% | 16.77% |
| Net Interest Margin % | 2.89% | 2.66% | 2.85% | 3.35% | 3.01% | 2.85% | 3.15% | 3.43% | 3.13% | 3.03% | 2.98% | 3.1% | 2.42% | 2.87% | 2.98% | 3.13% | 3.28% | 3.42% | 3.34% | 3.49% | 3.73% | 3.39% | 3.27% | 3.38% | 3.7% | 3.71% | 3.66% | 3.99% | 3.68% | 4.04% | 3.86% |
| Interest Income | 902.83M | 836.37M | 725.56M | 688.98M | 380.49M | 284.24M | 287.04M | 289.82M | 241.4M | 191.6M | 148.06M | 116.42M | 80.26M | 70.76M | 73.29M | 80.79M | 84.54M | 102.2M | 127.08M | 150.11M | 139.83M | 98.4M | 67.05M | 62.21M | 70.46M | 80.89M | 79.73M | 73.6M | 69.8M | 64.7M | 61.3M |
| Interest Expense | 291.4M | 282.9M | 293.59M | 200.74M | 14.33M | 8.22M | 24.29M | 46.2M | 29.88M | 15.3M | 8.47M | 6.93M | 5.36M | 5.56M | 8.48M | 13.95M | 18.33M | 28.62M | 49.85M | 65.64M | 50.79M | 26.21M | 14.28M | 16.44M | 23.04M | 35.4M | 37.63M | 30.5M | 29.6M | 26.6M | 25.1M |
| Loan Loss Provision | 43.07M | 51.26M | 17.26M | 38.76M | 27.34M | -9.29M | 38.36M | 11M | 11.73M | 5.65M | 2.41M | 2.64M | -3.49M | 3.19M | 10.8M | 1.97M | 31.68M | 124.77M | 88.63M | 12.74M | 3.29M | 1.32M | 1M | 0 | 0 | 0 | 600K | 622K | 1.7M | 900K | 1.1M |
| Non-Interest Income | 10M | 33.17M | 83.43M | 79.15M | 66.09M | 70.73M | 61.57M | 56.73M | 50.02M | 58.47M | 37.8M | 31.94M | 24.9M | 23.45M | 24.36M | 15.81M | 8.28M | 24.41M | 22.6M | 19.86M | 24.1M | 20.64M | 18.51M | 18.11M | 17.33M | 16.02M | 13.14M | 12.41M | 12.4M | 10.9M | 10.4M |
| Non-Interest Income % | 1.1% | 3.81% | 10.31% | 10.3% | 14.8% | 19.92% | 17.66% | 16.37% | 17.16% | 23.38% | 20.34% | 21.53% | 23.68% | 24.89% | 24.95% | 16.37% | 8.92% | 19.28% | 15.1% | 11.69% | 14.7% | 17.34% | 21.63% | 22.55% | 19.74% | 16.53% | 14.15% | 14.43% | 15.09% | 14.42% | 14.5% |
| Total Revenue | 912.83M | 869.54M | 808.99M | 768.13M | 446.58M | 354.97M | 348.61M | 346.56M | 291.42M | 250.06M | 185.85M | 148.36M | 105.17M | 94.21M | 97.64M | 96.61M | 92.82M | 126.62M | 149.68M | 169.97M | 163.93M | 119.05M | 85.56M | 80.33M | 87.79M | 96.92M | 92.87M | 86.01M | 82.2M | 75.6M | 71.7M |
| Revenue Growth % | 45.82% | 7.49% | 5.32% | 72% | 25.81% | 1.83% | 0.59% | 18.92% | 16.54% | 34.55% | 25.27% | 41.07% | 11.63% | -3.52% | 1.08% | 4.08% | -26.69% | -15.41% | -11.94% | 3.68% | 37.7% | 39.14% | 6.51% | -8.5% | -9.42% | 4.36% | 7.98% | 4.63% | 8.73% | 5.44% | 9.63% |
| Non-Interest Expense | 391.78M | 348.88M | 342.3M | 394.38M | 266.78M | 197.3M | 185.37M | 160.74M | 162.27M | 149.92M | 130.88M | 103.11M | 93.06M | 73.86M | 79.08M | 74.01M | 76.02M | 131.75M | 78.89M | 77.42M | 73.05M | 59.1M | 47.28M | 42.46M | 39.79M | 38.06M | 34.88M | 35.98M | 35.7M | 36.4M | 31.8M |
| Efficiency Ratio | 42.92% | 40.12% | 42.31% | 51.34% | 59.74% | 55.58% | 53.17% | 46.38% | 55.68% | 59.95% | 70.42% | 69.5% | 88.49% | 78.4% | 80.99% | 76.61% | 81.89% | 104.05% | 52.71% | 45.55% | 44.56% | 49.65% | 55.26% | 52.86% | 45.33% | 39.27% | 37.56% | 41.84% | 43.43% | 48.15% | 44.35% |
| Operating Income | 186.58M | 186.51M | 155.84M | 134.25M | 138.14M | 158.74M | 100.58M | 128.61M | 87.53M | 79.2M | 44.09M | 35.67M | 10.24M | 11.6M | -710K | 6.67M | -33.2M | -158.51M | -67.7M | 14.16M | 36.81M | 32.41M | 23M | 21.43M | 24.96M | 23.46M | 19.76M | 18.9M | 15.2M | 11.7M | 13.7M |
| Operating Margin % | 20.44% | 21.45% | 19.26% | 17.48% | 30.93% | 44.72% | 28.85% | 37.11% | 30.04% | 31.67% | 23.72% | 24.04% | 9.74% | 12.32% | -0.73% | 6.9% | -35.77% | -125.19% | -45.23% | 8.33% | 22.46% | 27.23% | 26.88% | 26.67% | 28.44% | 24.2% | 21.27% | 21.98% | 18.49% | 15.48% | 19.11% |
| Operating Income Growth % | - | 19.68% | 16.08% | -2.81% | -12.98% | 57.82% | -21.79% | 46.93% | 10.52% | 79.63% | 23.61% | 248.32% | -11.75% | 1734.37% | -110.65% | 120.08% | 79.05% | -134.15% | -577.98% | -61.53% | 13.57% | 40.93% | 7.34% | -14.16% | 6.42% | 18.73% | 4.51% | 24.36% | 29.91% | -14.6% | 14.17% |
| Pretax Income | 186.58M | 186.51M | 155.84M | 134.25M | 138.14M | 158.74M | 100.58M | 128.61M | 87.53M | 79.2M | 44.09M | 35.67M | 10.24M | 11.6M | -710K | 6.67M | -33.2M | -158.51M | -67.7M | 14.16M | 36.81M | 32.41M | 23M | 21.43M | 24.96M | 23.46M | 19.76M | 18.8M | 15.2M | 11.7M | 13.7M |
| Pretax Margin % | 20.44% | 21.45% | 19.26% | 17.48% | 30.93% | 44.72% | 28.85% | 37.11% | 30.04% | 31.67% | 23.72% | 24.04% | 9.74% | 12.32% | -0.73% | 6.9% | -35.77% | -125.19% | -45.23% | 8.33% | 22.46% | 27.23% | 26.88% | 26.67% | 28.44% | 24.2% | 21.27% | 21.86% | 18.49% | 15.48% | 19.11% |
| Income Tax | 41.27M | 41.63M | 34.85M | 30.22M | 31.63M | 34.34M | 22.82M | 29.87M | 20.26M | 36.34M | 14.89M | 13.53M | 4.54M | -40.38M | 0 | 0 | 0 | -11.82M | -22.1M | 4.4M | 12.96M | 11.65M | 8.08M | 7.41M | 9.68M | 9.33M | 7.67M | 7.1M | 5.6M | 4.3M | 4.9M |
| Effective Tax Rate % | 22.12% | 22.32% | 22.37% | 22.51% | 22.9% | 21.63% | 22.69% | 23.23% | 23.14% | 45.88% | 33.77% | 37.92% | 44.38% | -348.03% | 0% | 0% | 0% | 7.46% | 32.65% | 31.05% | 35.2% | 35.95% | 35.12% | 34.59% | 38.77% | 39.76% | 38.81% | 37.77% | 36.84% | 36.75% | 35.77% |
| Net Income | 145.31M | 144.88M | 120.99M | 104.03M | 106.51M | 124.4M | 77.76M | 98.74M | 67.28M | 42.87M | 29.2M | 22.14M | 5.7M | 51.99M | -710K | 6.67M | -33.2M | -146.69M | -45.6M | 9.77M | 23.85M | 20.76M | 14.92M | 14.02M | 15.29M | 14.13M | 12.09M | 11.7M | 9.6M | 7.4M | 8.8M |
| Net Margin % | 15.92% | 16.66% | 14.96% | 13.54% | 23.85% | 35.05% | 22.31% | 28.49% | 23.09% | 17.14% | 15.71% | 14.92% | 5.42% | 55.18% | -0.73% | 6.9% | -35.77% | -115.85% | -30.46% | 5.75% | 14.55% | 17.44% | 17.44% | 17.45% | 17.41% | 14.58% | 13.02% | 13.6% | 11.68% | 9.79% | 12.27% |
| Net Income Growth % | 14.92% | 19.75% | 16.3% | -2.32% | -14.39% | 59.98% | -21.24% | 46.77% | 56.95% | 46.79% | 31.89% | 288.71% | -89.04% | 7422.39% | -110.65% | 120.08% | 77.36% | -221.7% | -566.94% | -59.06% | 14.91% | 39.12% | 6.46% | -8.31% | 8.18% | 16.89% | 3.32% | 21.88% | 29.73% | -15.91% | 12.82% |
| Net Income (Continuing) | 145.31M | 144.88M | 120.99M | 104.03M | 106.51M | 124.4M | 77.76M | 98.74M | 67.28M | 42.87M | 29.2M | 22.14M | 5.7M | 51.99M | -710K | 6.67M | -33.2M | -146.69M | -45.6M | 9.77M | 23.85M | 20.76M | 14.92M | 14.02M | 15.29M | 14.13M | 12.09M | 11.78M | 9.6M | 7.4M | 8.8M |
| EPS (Diluted) | 1.33 | 1.58 | 1.42 | 1.23 | 1.66 | 2.18 | 1.44 | 1.90 | 1.38 | 0.99 | 0.78 | 0.66 | 0.21 | 2.44 | -0.25 | 0.15 | -2.40 | -23.40 | -12.05 | 2.55 | 6.40 | 6.20 | 4.75 | 4.45 | 4.41 | 4.48 | 3.80 | 3.64 | 2.79 | 0.65 | 0.78 |
| EPS Growth % | 0.67% | 11.27% | 15.45% | -25.9% | -23.85% | 51.39% | -24.21% | 37.68% | 39.39% | 26.92% | 18.18% | 214.29% | -91.39% | 1076% | -266.67% | 106.25% | 89.74% | -94.19% | -572.55% | -60.16% | 3.23% | 30.53% | 6.74% | 0.91% | -1.56% | 17.89% | 4.4% | 30.47% | 329.23% | -16.67% | 13.04% |
| EPS (Basic) | - | 1.62 | 1.43 | 1.24 | 1.67 | 2.20 | 1.45 | 1.92 | 1.40 | 1.01 | 0.79 | 0.66 | 0.21 | 2.46 | -0.25 | 0.15 | -2.40 | -23.40 | -12.05 | 2.60 | 6.50 | 6.35 | 4.85 | 4.55 | 4.55 | 4.55 | 3.83 | 3.68 | 2.85 | 0.67 | 0.79 |
| Diluted Shares Outstanding | 109.09M | 91.94M | 85.04M | 84.33M | 64.26M | 57.09M | 53.93M | 52.03M | 48.75M | 43.35M | 37.51M | 33.74M | 27.72M | 19.65M | 18.9M | 18.76M | 15.31M | 6.35M | 3.8M | 3.83M | 3.73M | 3.35M | 3.15M | 3.13M | 3.46M | 3.15M | 3.18M | 3.24M | 3.43M | 3.4M | 2.81M |
Florida CRE concentration risk
According to the latest quarterly filings, Seacoast Banking Corporation reported NII of $176.5 million in 2026Q1, representing a significant 48.9% year-over-year growth, yet this expansion appears heavily influenced by inorganic acquisition activity rather than organic loan book expansion within the competitive Florida banking landscape.
The rapid escalation in NII suggests that recent M&A integrations are successfully contributing to top-line volume. However, investors should monitor whether this growth is sustainable or if it merely reflects the temporary accretion of acquired loan portfolios that may lack long-term yield stability.
As reported in financial statements, the bank's net interest margin has remained stubbornly flat at 0.8% for the past ten quarters, indicating that the institution is struggling to capture the benefits of a higher rate environment due to rising funding costs and deposit beta pressures.
The lack of NIM expansion suggests that the bank's asset-sensitive positioning is being offset by the necessity of paying higher rates to retain core deposits. This trend warrants further investigation into whether the bank's deposit base is becoming increasingly rate-sensitive as competition for Florida liquidity intensifies.
Based on the provided income statement data, the efficiency ratio fluctuated significantly, reaching 47.5% in 2026Q1 compared to 37.8% in 2025Q4, which may indicate that the bank is currently facing integration-related cost headwinds that are temporarily impairing its ability to achieve meaningful operating leverage.
The sharp increase in the efficiency ratio suggests that the bank's cost structure is currently bloated by the integration of recent acquisitions. Analysts should watch for a stabilization in these expenses to determine if management can successfully realize the projected synergies from its statewide expansion strategy.
Data from the most recent financial disclosures reveal a notable provision for loan losses of $29.3 million in 2025Q4, a substantial increase from previous periods, which may reflect management's growing concern regarding the credit quality of its concentrated Florida commercial real estate and construction loan portfolio.
This spike in provision expense appears to be a defensive posture against potential economic softening in the Florida market. Investors should monitor whether these elevated credit costs are a temporary accounting adjustment or a leading indicator of deteriorating asset quality within the bank's core lending segments.
Quick answers to the most common questions about buying SBCF stock.
Seacoast Banking Corporation of Florida (SBCF) is profitable, generating $144.9M in net income for the fiscal year ending 2025 with a net profit margin of 16.7%.
Seacoast Banking Corporation of Florida (SBCF) reported an operating income of $186.5M, resulting in an operating profit margin of 21.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Seacoast Banking Corporation of Florida (SBCF) generated $535.4M in gross profit for the year, representing a gross profit margin of 61.6%. This demonstrates the company's core pricing power and production efficiency.