SBCF earnings analysis
What we found in SBCF's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Seacoast’s Q2 filing shows a substantial GAAP earnings rebound after the Q1 securities repositioning: net revenue reached $208.2 million and GAAP EPS reached $0.55, while adjusted EPS of $0.61 was modestly below Q1’s $0.62 but above Q2 2025’s $0.52. Core fundamentals improved through 16% annualized organic loan growth, a 3.65% core NIM, and a 54.54% adjusted efficiency ratio. Offsetting factors are the rise in NPAs, sharply higher brokered deposits, and continuing merger costs, supporting a neutral view.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue rebounded strongly in Q2
- GAAP net revenue was $208.2 million, up $44.3 million (27%) from $163.9 million in Q1 2026 and $56.8 million (38%) from $151.4 million in Q2 2025. On an adjusted FTE basis, revenue was $210.0 million, up 2% sequentially and 38% year over year.
- GAAP earnings recovered; adjusted EPS up YoY
- GAAP diluted EPS rose to $0.55 from $0.29 in Q1 2026 and $0.50 in Q2 2025; adjusted diluted EPS was $0.61, versus $0.62 sequentially and $0.52 a year ago. Net income increased 87% sequentially to $59.5 million and 39% year over year.
- Core margin expansion supports NII
- Net interest income increased $3.9 million, or 2% sequentially, to $180.4 million and rose 42% year over year. Core NIM excluding acquired-loan accretion expanded 8 bps sequentially to 3.65%, while deposit cost fell to 1.53% from 1.54%.
- Organic loan growth remained robust
- Loans increased $517.5 million, or 4.1%, from year-end to $13.1 billion, with 16% annualized organic loan growth in Q2. Commercial and financial loans grew $156.3 million (7%) and residential real estate loans grew $159.4 million (5%) from December 31.
- Wealth and mortgage fees accelerated
- Fee-income lines grew: wealth-management income increased 42% year over year to $6.0 million and mortgage-banking income increased 301% to $2.7 million. Wealth AUM increased $408.0 million, or 15%, from year-end to $3.2 billion.
- Liquidity and capital capacity remain strong
- Liquidity remained sizable, with cash and cash equivalents of $429.9 million and $9.2 billion of available borrowing capacity at June 30. The company repurchased 751,680 shares during Q2, with $117.0 million remaining under its authorization.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Nonperforming loans and provision increased
- Asset-quality metrics weakened from year-end: nonperforming assets increased $13.8 million, or 18%, to $90.0 million, and nonaccrual loans rose $14.5 million to $86.5 million (0.66% of total loans). Q2 provision expense was $9.0 million versus $0.8 million in Q1, driven by record loan growth.
- Brokered deposits increased materially
- Wholesale funding reliance increased as brokered time certificates rose to $611.6 million at June 30 from $120.9 million at December 31, 2025. Although total deposits increased $536.0 million, organic deposit growth excluding brokered deposits was only 1% annualized year to date.
- Integration costs and expenses remain elevated
- Merger and integration costs remained elevated at $8.4 million in Q2, versus $2.4 million in Q2 2025; the company expects substantially all remaining costs in Q3 2026. Total noninterest expense rose $31.4 million, or 34%, year over year to $123.1 million.
- Rate sensitivity and securities marks persist
- Interest-rate sensitivity remains meaningful: a modeled instantaneous 300-bp rate increase would reduce 12-month projected NII by 2.2% and economic value of equity by 16.3%. The securities portfolio also carried $136.1 million of gross unrealized losses at June 30.
- No formal risk-factor update; CRE exposure remains
- Item 1A states there were no material changes to risk factors from the 2025 Form 10-K. Existing concentration exposure remains notable: CRE loans represented 216% of consolidated total risk-based capital and construction/land-development loans represented 37% at June 30.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.55
What they said about what is next.
The 10-Q contains no quantitative EPS or revenue outlook. Management expects to recognize substantially all remaining merger-related costs during Q3 2026, following VBI system conversion in July 2026.
The filing reads about the same as the one before it.
What came before.
- 10-Q · May 6, 2026
- Seacoast Banking Corporation reported first quarter 2026 results showing adjusted net income of $67.8 million, or $0.62 per diluted share, an increase of 111% year-over-year, despite total revenue falling short at…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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