Detailed financial statements for Seacoast Banking Corporation of Florida (SBCF): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Seacoast Banking Corporation of Florida serves as the parent holding company for Seacoast National Bank, providing a diverse range of financial solutions to individual consumers and businesses across Florida. The institution offers a comprehensive suite of services, including commercial and retail banking, wealth management, mortgage lending, and investment-related products such as brokerage and annuities.
Analysis Summary
Seacoast Banking Corporation of Florida reported revenue of $869.5M in the most recent fiscal year, growing at a 5-year CAGR of 20.1%. Net income reached $144.9M, with a 13.3% 5-year CAGR.
Trailing-twelve-month margins: gross margin 64.4%, operating margin 18.9%, net margin 17.1%. Free cash flow grew at 24.8% CAGR over 5 years.
Balance sheet quality for SBCF: current ratio of 0.4, net cash position of $4.01B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $178.9M represents 123% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $185.8M | $250.1M | $291.4M | $346.6M | $348.6M | $355.0M | $446.6M | $768.1M | $809.0M | $869.5M |
| Cost of Revenue | $10.9M | $20.9M | $41.6M | $57.2M | $62.7M | -$1.1M | $41.7M | $239.5M | $310.8M | $334.2M |
| Gross Profit | $175.0M | $229.1M | $249.8M | $289.4M | $285.9M | $356.0M | $404.9M | $528.6M | $498.1M | $535.4M |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $85.6M | $100.9M | $110.2M | $92.6M | $110.2M | $122.1M | $158.5M | $225.3M | $209.8M | $261.0M |
| Operating Expenses | $130.9M | $149.9M | $162.3M | $160.7M | $185.4M | $197.3M | $266.8M | $394.4M | $342.3M | $348.9M |
| Operating Income | $44.1M | $79.2M | $87.5M | $128.6M | $100.6M | $158.7M | $138.1M | $134.3M | $155.8M | $186.5M |
| EBITDA | $46.9M | $84.1M | $92.7M | $137.1M | $102.3M | $154.9M | $148.8M | $134.7M | $175.0M | $226.3M |
| Interest Expense | $8.5M | $15.3M | $29.9M | $46.2M | $24.3M | $8.2M | $14.3M | $200.7M | $293.6M | $282.9M |
| Pre-tax Income | $44.1M | $79.2M | $87.5M | $128.6M | $100.6M | $158.7M | $138.1M | $134.3M | $155.8M | $186.5M |
| Income Tax | $14.9M | $36.3M | $20.3M | $29.9M | $22.8M | $34.3M | $31.6M | $30.2M | $34.9M | $41.6M |
| Net Income | $29.2M | $42.9M | $67.3M | $98.7M | $77.8M | $124.4M | $106.5M | $104.0M | $121.0M | $144.9M |
| EPS | $0.79 | $1.01 | $1.40 | $1.92 | $1.45 | $2.20 | $1.67 | $1.24 | $1.43 | $1.62 |
| EPS (Diluted) | $0.78 | $0.99 | $1.38 | $1.90 | $1.44 | $2.18 | $1.66 | $1.23 | $1.42 | $1.58 |
| Shares Outstanding (Diluted) | $37.5M | $43.4M | $48.7M | $52.0M | $53.9M | $57.1M | $64.3M | $84.3M | $85.0M | $91.9M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $226.5M | $247.6M | $220.8M | $255.6M |
| Gross Profit | $148.8M | $136.9M | $145.8M | $180.4M |
| Operating Income | $46.9M | $43.5M | $40.9M | $48.3M |
| EBITDA | $52.5M | $67.5M | $49.6M | $88.9M |
| Net Income | $36.5M | $34.3M | $31.9M | $59.5M |
| EPS | $0.42 | $0.33 | $0.31 | $0.60 |
| EPS (Diluted) | $0.42 | $0.29 | $0.29 | $0.55 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $109.6M | $122.1M | $124.2M | $128.3M | $404.8M | $737.7M | $205.2M | $453.0M | $479.8M | $181.4M |
| Short-term Investments | $950.5M | $949.5M | $865.8M | $946.9M | $1.40B | $1.64B | $1.87B | $1.84B | $2.19B | $5.16B |
| Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $1.06B | $1.07B | $990.0M | $1.08B | $1.80B | $2.38B | $2.08B | $2.29B | $2.67B | $5.35B |
| Property, Plant & Equipment | $58.7M | $66.9M | $71.0M | $66.6M | $75.1M | $72.4M | $116.9M | $113.3M | $107.6M | $160.1M |
| Goodwill | $64.6M | $147.6M | $204.8M | $205.3M | $221.2M | $252.2M | $480.3M | $732.4M | $732.4M | $1.03B |
| Intangible Assets | $14.6M | $19.1M | $26.0M | $20.1M | $16.7M | $14.8M | $71.3M | $95.6M | $71.7M | $195.7M |
| Total Assets | $4.68B | $5.81B | $6.75B | $7.11B | $8.34B | $9.68B | $12.15B | $14.58B | $15.18B | $20.84B |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Short-term Debt | $204.2M | $216.1M | $214.3M | $86.1M | $119.6M | $121.6M | $172.0M | $374.6M | $232.1M | $389.0M |
| Total Current Liabilities | $3.73B | $4.81B | $5.39B | $5.67B | $7.05B | $8.19B | $10.15B | $12.15B | $12.47B | $13.42B |
| Long-term Debt | $485.2M | $281.5M | $450.8M | $386.1M | $71.4M | $71.6M | $234.5M | $156.3M | $352.0M | $947.8M |
| Total Liabilities | $4.25B | $5.12B | $5.88B | $6.12B | $7.21B | $8.37B | $10.54B | $12.47B | $12.99B | $17.79B |
| Retained Earnings | -$13.7M | $29.9M | $97.1M | $195.8M | $256.7M | $358.6M | $423.9M | $467.3M | $526.6M | $603.8M |
| Total Equity | $435.4M | $689.7M | $864.3M | $985.6M | $1.13B | $1.31B | $1.61B | $2.11B | $2.18B | $3.06B |
| Total Debt | $689.4M | $497.6M | $665.1M | $472.2M | $191.0M | $193.2M | $406.6M | $530.9M | $584.0M | $1.34B |
| Net Debt | -$370.7M | -$573.9M | -$324.9M | -$602.9M | -$1.61B | -$2.19B | -$1.67B | -$1.76B | -$2.09B | -$4.01B |
| Working Capital | -$2.67B | -$3.74B | -$4.40B | -$4.60B | -$5.25B | -$5.81B | -$8.08B | -$9.86B | -$9.80B | -$8.08B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $336.8M | $181.4M | $201.3M | $192.0M |
| Total Assets | $16.68B | $20.84B | $21.15B | $21.36B |
| Total Liabilities | $14.30B | $17.79B | $18.08B | $18.29B |
| Total Equity | $2.38B | $3.06B | $3.06B | $3.07B |
| Total Debt | $1.03B | $1.34B | $1.27B | $1.32B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | $29.2M | $42.9M | $67.3M | $98.7M | $77.8M | $124.4M | $106.5M | $104.0M | $121.0M | $144.9M |
| Depreciation & Amortization | $2.8M | $4.9M | $5.2M | $8.5M | $1.7M | -$3.9M | $10.6M | $423000 | $19.2M | $39.7M |
| Stock-based Compensation | $4.2M | $5.3M | $7.8M | $7.2M | $7.3M | $8.7M | $11.2M | $13.4M | $13.7M | $15.7M |
| Change in Working Capital | -$8.6M | -$26.9M | $19.2M | -$9.8M | -$16.8M | -$13.6M | $22.6M | -$17.7M | -$4.0M | -$69.4M |
| Operating Cash Flow | $62.0M | $48.9M | $129.6M | $117.7M | $60.7M | $154.6M | $195.9M | $150.6M | $179.9M | $188.1M |
| Capital Expenditure | -$6.1M | -$5.7M | -$4.0M | -$2.5M | -$1.6M | -$4.3M | -$12.6M | -$10.3M | -$4.0M | -$9.2M |
| Acquisitions | $235.5M | $23.8M | $22.3M | 0 | $72.0M | $98.1M | $281.7M | $141.7M | 0 | $169.6M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -$10.9M | -$880000 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | -$22.5M | -$41.2M | -$60.6M | -$61.6M | -$67.7M |
| Free Cash Flow | $56.0M | $43.2M | $125.6M | $115.2M | $59.1M | $150.2M | $183.2M | $140.3M | $175.9M | $178.9M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | $30.2M | $54.5M | $71.9M | $61.6M |
| Capital Expenditure | -$2.5M | -$2.0M | -$2.3M | -$4.5M |
| Free Cash Flow | $27.7M | $52.5M | $69.6M | $57.2M |
| Dividends Paid | -$15.9M | -$20.9M | -$20.8M | -$20.8M |
| Stock-based Compensation | $4.4M | $4.3M | $4.5M | $5.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +34.6% | +16.5% | +18.9% | +0.6% | +1.8% | +25.8% | +72.0% | +5.3% | +7.5% |
| Net Income Growth (YoY) | | +46.8% | +56.9% | +46.8% | -21.2% | +60.0% | -14.4% | -2.3% | +16.3% | +19.7% |
| EPS Growth (YoY) | | +27.8% | +38.6% | +37.1% | -24.5% | +51.7% | -24.1% | -25.7% | +15.3% | +13.3% |
| Shares Change (YoY) | | +15.6% | +12.5% | +6.7% | +3.7% | +5.9% | +12.6% | +31.2% | +0.8% | +8.1% |
| FCF Growth (YoY) | | -22.8% | +190.7% | -8.3% | -48.7% | +154.4% | +21.9% | -23.4% | +25.3% | +1.7% |
| Gross Margin | 94.1% | 91.6% | 85.7% | 83.5% | 82.0% | 100.3% | 90.7% | 68.8% | 61.6% | 61.6% |
| Operating Margin | 23.7% | 31.7% | 30.0% | 37.1% | 28.9% | 44.7% | 30.9% | 17.5% | 19.3% | 21.4% |
| EBITDA Margin | 25.3% | 33.6% | 31.8% | 39.6% | 29.3% | 43.6% | 33.3% | 17.5% | 21.6% | 26.0% |
| Net Margin | 15.7% | 17.1% | 23.1% | 28.5% | 22.3% | 35.0% | 23.8% | 13.5% | 15.0% | 16.7% |
| FCF Margin | 30.1% | 17.3% | 43.1% | 33.2% | 16.9% | 42.3% | 41.0% | 18.3% | 21.7% | 20.6% |
| Effective Tax Rate | 33.8% | 45.9% | 23.1% | 23.2% | 22.7% | 21.6% | 22.9% | 22.5% | 22.4% | 22.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $1.49 | $1.00 | $2.58 | $2.21 | $1.10 | $2.63 | $2.85 | $1.66 | $2.07 | $1.95 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.39 | $0.64 | $0.72 | $0.72 | $0.74 |
| Shares Outstanding (Basic) | $36.9M | $42.6M | $48.0M | $51.4M | $53.5M | $56.6M | $63.7M | $83.8M | $84.4M | $88.3M |
What to look at in Banking companies
- Efficiency Ratio (<=55%) — Operating expenses / revenue. Top banks below 55%.
- ROA (>=1%) — How much they earn per dollar of assets. ROE misleads in banks due to leverage.
- ROTCE (>=12%) — Return on Tangible Common Equity. Strips goodwill and intangibles.
- Equity / Assets (Tier 1 proxy) (>=8%) — Capital ratio proxy. FMP does not expose regulatory Tier 1 directly.
- P/B (1.0-1.5x) — Classic banking metric. <1x can be opportunity or distress.
- Sustainable dividend yield (>=2%, <8%) — EU banks pay 5-7% normally. >8% is distress signal.
Profitability
| Gross Margin | 64.38% |
| Operating Margin | 18.89% |
| Net Margin | 17.06% |
Financial Health
| Debt / Equity | 0.43 |
| Current Ratio | 0.31 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 27.92 | 24.96 | 18.59 | 15.92 | 20.31 | 16.09 | 18.68 | 22.95 | 19.25 | 19.40 |
| P/B | 1.87 | 1.56 | 1.44 | 1.60 | 1.39 | 1.53 | 1.24 | 1.13 | 1.06 | 0.91 |
| P/S | 4.38 | 4.30 | 4.28 | 4.54 | 4.52 | 5.64 | 4.45 | 3.10 | 2.87 | 3.19 |
| Gross Margin | 94.1% | 91.6% | 85.7% | 83.5% | 82.0% | 100.3% | 90.7% | 68.8% | 61.6% | 61.6% |
| Operating Margin | 23.7% | 31.7% | 30.0% | 37.1% | 28.9% | 44.7% | 30.9% | 17.5% | 19.3% | 21.4% |
| Net Margin | 15.7% | 17.1% | 23.1% | 28.5% | 22.3% | 35.0% | 23.8% | 13.5% | 15.0% | 16.7% |