Seacoast Banking Corporation of Florida (NASDAQ: SBCF) reported unaudited financial results for the three months ended September 30, 2026. The company announced net income of $59.9 million, or $0.55 per diluted share, for the third quarter of 2026. This figure represents a 1% increase from the prior quarter and a 64% increase compared to the same period in the prior year.
On an adjusted basis, net income was $71.8 million, or $0.66 per share, which increased 9% from the prior quarter and 59% from the prior year quarter. Adjusted pre-tax pre-provision earnings rose 5% from the prior quarter and 49% from the prior year. The company reported adjusted net revenues of $217.5 million for the quarter, an increase of 4% from the prior quarter and 37% from the prior year.
Net interest income totaled $183.4 million, a 2% increase from the prior quarter and a 37% increase from the prior year quarter. The net interest margin remained stable at 3.83% compared to the prior quarter. The company recorded a provision for credit losses of $6.3 million and net charge-offs of $5.4 million. The allowance for credit losses was 1.41% of total loans at September 30, 2026.
Noninterest income increased 14% from the prior quarter to $31.6 million. This growth was driven by wealth management income, which totaled $6.1 million, and mortgage banking income, which totaled $4.7 million. Noninterest expense increased 8% from the prior quarter to $133.3 million, largely due to merger and integration costs of $15.5 million.
Seacoast reported total assets of $21.2 billion and total shareholders' equity of $2.6 billion as of September 30, 2026. The company completed the integration of Villages Bancorporation, Inc. (VBI) during the quarter. The company also repurchased over 1.2 million shares of common stock year to date.
