Well-Positioned Balance Sheet with Strong
Capital and Liquidity
Continued Build in Loan Originations and
Pipeline, Cost of Deposits Stabilizing
Growth in Noninterest Income, and
Well-Managed Noninterest Expense
STUART, Fla., July 25, 2024 (GLOBE NEWSWIRE) --
Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) today reported net income in the second
quarter of 2024 of $30.2 million, or $0.36 per diluted share,
compared to $26.0 million, or $0.31 per diluted share in the first
quarter of 2024 and $31.2 million, or $0.37 per diluted share in
the second quarter of 2023.
Adjusted net income1 for the second
quarter of 2024 was $30.3 million, or $0.36 per diluted share,
compared to $31.1 million, or $0.37 per diluted share in the first
quarter of 2024 and $43.5 million, or $0.51 per diluted share in
the second quarter of 2023.
Pre-tax pre-provision earnings1 were
$44.6 million in the second quarter of 2024, an increase of 25%
compared to the first quarter of 2024 and an increase of 9%
compared to the second quarter of 2023. Adjusted pre-tax
pre-provision earnings1 were $44.5 million in the second
quarter of 2024, an increase of 5% compared to the first quarter of
2024 and a decrease of 22% compared to the second quarter of
2023.
For the second quarter of 2024, return on
average tangible assets was 1.00% and return on average tangible
shareholders' equity was 10.75%, compared to 0.89% and 9.55%,
respectively, in the prior quarter, and 1.06% and 12.08%,
respectively, in the prior year quarter. Adjusted return on average
tangible assets1 in the second quarter of 2024 was 1.00%
and adjusted return on average tangible shareholders'
equity1 was 10.76%, compared to 1.04% and 11.15%,
respectively, in the prior quarter, and 1.41% and 16.08%,
respectively, in the prior year quarter.
Charles M. Shaffer, Chairman and CEO of
Seacoast, stated, "This quarter marks the beginning of the shift we
anticipated for mid-year 2024. We have seen emerging loan growth
and stabilizing deposit costs, supporting an improved outlook for
net interest income. We are also experiencing growth in noninterest
income while managing our expenses carefully. Our investments in
revenue-producing bankers across the state have led to stronger
loan production and pipeline growth, and consistent positive
results in service charges on deposits, including treasury
management fees, wealth management revenue, and insurance agency
income. I am very optimistic about the direction we are heading as
our competitive transformation continues to take effect. We expect
to continue to see positive results from recent talent
acquisitions, which will drive further organic growth in the coming
periods."
Shaffer concluded, "We remain committed to a
disciplined approach to credit, and our balance sheet is one of the
strongest in the industry, with a Tier 1 capital ratio of 14.8% as
of June 30, 2024. The ratio of tangible common equity to tangible
assets has increased to 9.30%. Our liquidity position is also
robust, with a loan-to-deposit ratio of 83%, providing us with
balance sheet flexibility as we work towards stronger earnings in
the coming periods."
Financial Results
Income Statement
- Net
income in the second quarter of 2024 was $30.2 million, or
$0.36 per diluted share, compared to $26.0 million, or $0.31 per
diluted share in the prior quarter and $31.2 million, or $0.37 per
diluted share in the prior year quarter. For the six months ended
June 30, 2024, net income was $56.3 million, or $0.66 per diluted
share, compared to $43.1 million, or $0.52 per diluted share, for
the six months ended June 30, 2023. Adjusted net income1
for the second quarter of 2024 was $30.3 million, or $0.36 per
diluted share, compared to $31.1 million, or $0.37 per diluted
share, for the prior quarter, and $43.5 million, or $0.51 per
diluted share, for the prior year quarter. For the six months ended
June 30, 2024, adjusted net income1 was $61.4 million,
or $0.72 per diluted share, compared to $67.7 million, or $0.81 per
diluted share, for the six months ended June 30, 2023.
- Net
revenues were $126.6 million in the second quarter of
2024, an increase of $1.0 million, or 1%, compared to the prior
quarter, and a decrease of $21.9 million, or 15%, compared to the
prior year quarter. For the six months ended June 30, 2024, net
revenues were $252.2 million, a decrease of $50.0 million, or 17%,
compared to the six months ended June 30, 2023. Adjusted net
revenues1 were $126.9 million in the second quarter of
2024, an increase of $1.3 million, or 1%, compared to the prior
quarter, and a decrease of $22.0 million, or 15%, compared to the
prior year quarter. For the six months ended June 30, 2024,
adjusted net revenues1 were $252.5 million, a decrease
of $48.0 million, or 16%, compared to the six months ended June 30,
2023.
- Pre-tax
pre-provision earnings1 were
$44.6 million in the second quarter of 2024, an increase of $8.9
million, or 25%, compared to the first quarter of 2024 and an
increase of $3.7 million, or 9%, compared to the second quarter of
2023. For the six months ended June 30, 2024, pre-tax pre-provision
earnings1 were $80.2 million, a decrease of $8.2
million, or 9%, compared to the six months ended June 30, 2023.
Adjusted pre-tax pre-provision earnings1 were $44.5
million in the second quarter of 2024, an increase of $2.0 million,
or 5%, compared to the first quarter of 2024 and a decrease of
$12.7 million, or 22%, compared to the second quarter of 2023. For
the six months ended June 30, 2024, adjusted pre-tax pre-provision
earnings1 were $87.0 million, a decrease of $34.6
million, or 28%, compared to the six months ended June 30,
2023.
- Net
interest income totaled $104.4 million in the second
quarter of 2024, a modest decrease of $0.7 million, or 1%, compared
to the prior quarter, and a decrease of $22.5 million, or 18%,
compared to the prior year quarter. For the six months ended June
30, 2024, net interest income was $209.5 million, a decrease of
$48.6 million, or 19%, compared to the six months ended June 30,
2023. The declines reflect higher interest expense on deposits
resulting from growth in deposit balances and the impact of the
continuing elevated rate environment. Included in loan interest
income is accretion on acquired loans of $10.2 million in the
second quarter of 2024, $10.6 million in the first quarter of 2024,
and $14.6 million in the second quarter of 2023. For the six months
ended June 30, 2024, accretion on acquired loans totaled $20.8
million, compared to $30.5 million for the six months ended June
30, 2023.
- Net
interest margin decreased six basis points to 3.18% in the
second quarter of 2024 compared to 3.24% in the first quarter of
2024. Excluding the effects of accretion on acquired loans, net
interest margin decreased four basis points to 2.87% in the second
quarter of 2024 compared to 2.91% in the first quarter of 2024.
Loan yields were 5.93%, an increase of three basis points from the
prior quarter. Securities yields increased 22 basis points to
3.69%, compared to 3.47% in the prior quarter. The cost of deposits
increased 12 basis points from 2.19% in the prior quarter, to 2.31%
in the second quarter of 2024.
-
Noninterest income totaled $22.2 million in the
second quarter of 2024, an increase of $1.7 million, or 8%,
compared to the prior quarter, and an increase of $0.6 million, or
3%, compared to the prior year quarter. For the six months ended
June 30, 2024, noninterest income totaled $42.7 million, a decrease
of $1.3 million, or 3%, compared to the six months ended June 30,
2023. The Durbin amendment became effective for Seacoast on July 1,
2023, limiting network interchange fees earned on debit card
transactions. Results in the second quarter of 2024 included:
- Service charges
on deposits increased $0.4 million, or 8%, compared to the prior
quarter and $0.8 million, or 17%, compared to the prior year
quarter. Our investments in talent and significant market expansion
across the state have resulted in continued growth in treasury
management services to commercial customers.
- Wealth
management income increased $0.2 million, or 6%, compared to the
prior quarter and $0.4 million, or 14%, compared to the prior year
quarter. The wealth management division continues to demonstrate
success in building relationships, with assets under management
reaching $1.9 billion at June 30, 2024.
- Insurance agency
income increased $0.1 million, or 5%, compared to the prior quarter
and $0.2 million, or 17%, compared to the prior year quarter,
reflecting continued growth and expansion of services.
- BOLI income
increased $0.3 million, or 15%, compared to the prior quarter and
$0.5 million, or 26%, compared to the prior year quarter, with
policy exchanges executed in the first quarter of 2024 resulting in
improved ongoing yields.
- Other income
increased $0.7 million, or 14%, compared to the prior quarter and
$1.2 million, or 25% compared to the prior year quarter. The second
quarter of 2024 includes a gain on the sale of a single
nonperforming commercial real estate loan.
- The
provision for credit losses was $4.9 million in
the second quarter of 2024, compared to $1.4 million in the first
quarter of 2024 and a net benefit of $0.8 million in the second
quarter of 2023.
-
Noninterest expense was $82.5
million in the second quarter of 2024, a decrease of $7.8 million,
or 9%, compared to the prior quarter, and a decrease of $25.3
million, or 23%, compared to the prior year quarter. Noninterest
expense for the six months ended June 30, 2024, totaled $172.9
million, a decrease of $42.4 million, or 20% compared to the six
months ended June 30, 2023. With significant cost-saving
initiatives now complete, Seacoast has prudently managed expenses
while strategically investing to support continued growth. Changes
compared to the first quarter of 2024 included:
- Salaries and
wages decreased $1.4 million, or 3%, to $38.9 million. The first
quarter of 2024 included $2.1 million in severance-related expenses
arising from a reduction in the workforce.
- Employee
benefits decreased $1.0 million, or 13%, to $6.9 million as a
result of higher seasonal payroll taxes and 401(k) contributions
impacting the first quarter of 2024.
- Outsourced data
processing costs decreased $3.9 million, or 32%, to $8.2 million,
with the first quarter reflecting $4.1 million in charges
associated with contract terminations and modifications to
consolidate systems.
- Occupancy costs
decreased $0.9 million, or 11%, to $7.2 million in the second
quarter of 2024. The first quarter of 2024 included $0.8 million in
charges associated with early lease terminations and consolidation
of locations completed during the first quarter.
- Marketing
expenses increased $0.6 million, or 23%, to $3.3 million, the
result of a focused effort on branding across all of our markets,
supporting strong results in customer acquisition.
- Other
noninterest expenses decreased $0.7 million or 10%, to $5.9
million, benefiting from ongoing expense discipline.
- Seacoast
recorded $8.9 million of income tax expense in the
second quarter of 2024, compared to $7.8 million in the first
quarter of 2024, and $10.2 million in the second quarter of 2023.
Tax expense related to stock-based compensation was $0.2 million in
the second quarter of 2024, nominal in the first quarter of 2024
and $0.3 million in the second quarter of 2023.
- The
efficiency ratio was 60.21% in the second quarter
of 2024, compared to 66.78% in the first quarter of 2024 and 67.34%
in the prior year quarter. The adjusted efficiency
ratio1 was 60.21% in the
second quarter of 2024, compared to 61.13% in the first quarter of
2024 and 56.44% in the prior year quarter. The Company continues to
remain keenly focused on disciplined expense control, while making
investments for growth.
Balance Sheet
- At June 30,
2024, the Company had total assets of $15.0
billion and total shareholders'
equity of $2.1 billion. Book value per
share was $24.98 as of June 30, 2024, compared to $24.93
as of March 31, 2024, and $24.14 as of June 30, 2023.
Tangible book value per share increased to $15.41
as of June 30, 2024, compared to $15.26 as of March 31, 2024, and
$14.24 as of June 30, 2023.
- Debt
securities totaled $2.6 billion as of June 30, 2024, an
increase of $5.9 million compared to March 31, 2024. Debt
securities include approximately $2.0 billion in securities
classified as available for sale and recorded at fair value. The
unrealized loss on these securities is fully reflected in the value
presented on the balance sheet. The portfolio also includes $658.1
million in securities classified as held to maturity with a fair
value of $527.3 million. Held-to-maturity securities consist solely
of mortgage-backed securities and collateralized mortgage
obligations guaranteed by U.S. government agencies, each of which
is expected to recover any price depreciation over its holding
period as the debt securities move to maturity. The Company has
significant liquidity and available borrowing capacity and has the
intent and ability to hold these investments to maturity.
-
Loans increased $60.5 million, or 2.4% annualized
from the first quarter of 2024, totaling $10.0 billion as of June
30, 2024. Loan originations increased 37% to $538.0 million in
the second quarter of 2024, compared to $394.0 million in the
first quarter of 2024. The Company continues to exercise a
disciplined approach to lending, carefully underwriting loans to
strict underwriting guidelines and setting high expectations for
risk adjusted returns.
- Loan
pipelines (loans in underwriting and approval or approved
and not yet closed) totaled $834.4 million as of June 30, 2024, an
increase of 46% from March 31, 2024, and an increase of 193% from
June 30, 2023.
- Commercial
pipelines were $743.8 million as of June 30, 2024, an increase of
49% from $498.6 million at March 31, 2024, and an increase of 274%
from $199.0 million at June 30, 2023. The Company is benefiting
from the investment made in recent years to attract talent from
regional banks across its markets. This talent is onboarding
significant new relationships, resulting in growing pipelines.
- SBA pipelines
were $29.3 million as of June 30, 2024, an increase of 87% from
$15.6 million at March 31, 2024, and an increase of 58% from $18.6
million at June 30, 2023.
- Consumer
pipelines were $24.5 million as of June 30, 2024, a decrease of
$0.5 million, or 2%, from $25.1 million at March 31, 2024, and a
decrease of $3.9 million, or 14%, from $28.4 million at June
30, 2023.
- Residential
saleable pipelines were $12.1 million as of June 30, 2024, an
increase of 30% from $9.3 million at March 31, 2024, and an
increase of 5% from $11.5 million at June 30, 2023. Retained
residential pipelines were $24.7 million as of June 30, 2024, an
increase of 1% from $24.4 million at March 31, 2024, and a decrease
of 9% from $27.1 million at June 30, 2023.
- Total
deposits were $12.1 billion as of June 30, 2024, an
increase of $100.3 million, or 3.4% annualized, when compared to
March 31, 2024. Seacoast’s granular, longstanding deposit base is a
hallmark of our franchise and serves as a significant source of
strength.
- At June 30,
2024, customer transaction account balances represented 50% of
total deposits.
- The Company
benefits from a granular deposit franchise, with the top ten
depositors representing approximately 4% of total deposits.
- Average deposits
per banking center were $157 million at June 30, 2024, compared to
$156 million at March 31, 2024.
- Uninsured
deposits represented only 34% of overall deposit accounts as of
June 30, 2024. This includes public funds under the Florida
Qualified Public Depository program, which provides loss protection
to depositors beyond FDIC insurance limits. Excluding such
balances, the uninsured and uncollateralized deposits were 29% of
total deposits. The Company has liquidity sources including cash
and lines of credit with the Federal Reserve and Federal Home Loan
Bank that represent 154% of uninsured deposits, and 181% of
uninsured and uncollateralized deposits.
- Consumer
deposits represent 42% of overall deposit funding with an average
consumer customer balance of $25 thousand. Commercial deposits
represent 58% of overall deposit funding with an average business
customer balance of $109 thousand.
- Federal Home
Loan Bank advances totaled $180.0 million at June 30, 2024 with a
weighted average interest rate of 4.18%.
Asset Quality
-
Nonperforming loans were $59.9 million at June 30,
2024, compared to $77.2 million at March 31, 2024, and
$48.3 million at June 30, 2023. Nonperforming loans to total
loans outstanding were 0.60% at June 30, 2024, 0.77% at March 31,
2024, and 0.48% at June 30, 2023.
-
Nonperforming assets to total assets were 0.45% at
June 30, 2024, compared to 0.57% at March 31, 2024, and 0.37% at
June 30, 2023.
-
The ratio of allowance for credit losses
to total loans was 1.41% at June 30, 2024, 1.47% at March
31, 2024, and 1.58% at June 30, 2023.
- Net
charge-offs were $9.9 million in the second quarter of
2024, compared to $3.6 million in the first quarter of 2024 and
$0.7 million in the second quarter of 2023. Charge-offs during the
quarter primarily reflect reserves previously established in the
allowance for credit losses.
-
Portfolio diversification, in terms of asset mix,
industry, and loan type, has been a critical element of the
Company's lending strategy. Exposure across industries and
collateral types is broadly distributed. Seacoast's average loan
size is $345 thousand, and the average commercial loan size is
$758 thousand, reflecting an ability to maintain granularity within
the overall loan portfolio.
-
Construction and land development
and commercial real estate loans remain well below
regulatory guidance at 36% and 235% of total bank-level risk-based
capital, respectively, compared to 39% and 236%, respectively, at
March 31, 2024. On a consolidated basis, construction and land
development and commercial real estate loans represent 34% and
222%, respectively, of total consolidated risk-based capital.
Capital and
Liquidity
- The Company
continues to operate with a fortress balance sheet with a
Tier 1 capital ratio at June 30, 2024 of 14.8%
compared to 14.7% at March 31, 2024, and 13.5% at June 30, 2023.
The Total capital ratio was 16.2%, the
Common Equity Tier 1 capital ratio was 14.1%, and
the Tier 1 leverage ratio was 11.1% at June 30,
2024. The Company is considered “well capitalized” based on
applicable U.S. regulatory capital ratio requirements.
- Cash and
cash equivalents at June 30, 2024 totaled $749.5
million.
- The Company’s
loan to deposit ratio was 82.9% at June 30, 2024,
which should provide liquidity and flexibility moving forward.
- Tangible
common equity to tangible assets was 9.30% at June 30,
2024, compared to 9.25% at March 31, 2024, and 8.53% at June 30,
2023. If all held-to-maturity securities were adjusted to fair
value, the tangible common equity ratio would have been 8.64%.
- At June 30,
2024, in addition to $749.5 million in cash, the Company had
$5.6 billion in available borrowing capacity,
including $4.3 billion in available collateralized lines of
credit, $944.3 million of unpledged debt securities available
as collateral for potential additional borrowings, and available
unsecured lines of credit of $0.3 billion. These liquidity
sources as of June 30, 2024, represented 181% of uninsured and
uncollateralized deposits.
- Our Board of
Directors has approved a share repurchase program of up to $100
million in shares of the Company’s common stock. During the second
quarter of 2024, 39,892 shares of the Company’s common stock were
repurchased under the program.
1Non-GAAP measure, see
“Explanation of Certain Unaudited Non-GAAP Financial Measures" for
more information and for a reconciliation to GAAP.
|
FINANCIAL HIGHLIGHTS |
(Amounts in thousands except per share data) |
(Unaudited) |
|
Quarterly Trends |
|
|
|
|
|
|
|
|
|
|
|
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
3Q'23 |
|
2Q'23 |
Selected balance sheet data: |
|
|
|
|
|
|
|
|
|
Gross loans |
$ |
10,038,508 |
|
|
$ |
9,978,052 |
|
|
$ |
10,062,940 |
|
|
$ |
10,011,186 |
|
|
$ |
10,117,919 |
|
Total deposits |
|
12,116,118 |
|
|
|
12,015,840 |
|
|
|
11,776,935 |
|
|
|
12,107,834 |
|
|
|
12,283,267 |
|
Total assets |
|
14,952,613 |
|
|
|
14,830,015 |
|
|
|
14,580,249 |
|
|
|
14,823,007 |
|
|
|
15,041,932 |
|
|
|
|
|
|
|
|
|
|
|
Performance measures: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
|
$ |
31,414 |
|
|
$ |
31,249 |
|
Net interest margin |
|
3.18 |
% |
|
|
3.24 |
% |
|
|
3.36 |
% |
|
|
3.57 |
% |
|
|
3.86 |
% |
Pre-tax pre-provision earnings1 |
$ |
44,555 |
|
|
$ |
35,674 |
|
|
$ |
42,006 |
|
|
$ |
43,383 |
|
|
$ |
40,864 |
|
Average diluted shares outstanding |
|
84,816 |
|
|
|
85,270 |
|
|
|
85,336 |
|
|
|
85,666 |
|
|
|
85,536 |
|
Diluted earnings per share (EPS) |
|
0.36 |
|
|
|
0.31 |
|
|
|
0.35 |
|
|
|
0.37 |
|
|
|
0.37 |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
Average assets (ROA) |
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.80 |
% |
|
|
0.84 |
% |
|
|
0.84 |
% |
Average tangible assets (ROTA)2 |
|
1.00 |
|
|
|
0.89 |
|
|
|
0.99 |
|
|
|
1.04 |
|
|
|
1.06 |
|
Average tangible common equity (ROTCE)2 |
|
10.75 |
|
|
|
9.55 |
|
|
|
11.22 |
|
|
|
11.90 |
|
|
|
12.08 |
|
Tangible common equity to tangible assets2 |
|
9.30 |
|
|
|
9.25 |
|
|
|
9.31 |
|
|
|
8.68 |
|
|
|
8.53 |
|
Tangible book value per share2 |
$ |
15.41 |
|
|
$ |
15.26 |
|
|
$ |
15.08 |
|
|
$ |
14.26 |
|
|
$ |
14.24 |
|
Efficiency ratio |
|
60.21 |
% |
|
|
66.78 |
% |
|
|
60.32 |
% |
|
|
62.60 |
% |
|
|
67.34 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted operating measures1: |
|
|
|
|
|
|
|
|
|
Adjusted net income4 |
$ |
30,277 |
|
|
$ |
31,132 |
|
|
$ |
31,363 |
|
|
$ |
34,170 |
|
|
$ |
43,489 |
|
Adjusted pre-tax pre-provision earnings4 |
|
44,490 |
|
|
|
42,513 |
|
|
|
45,016 |
|
|
|
47,349 |
|
|
|
57,202 |
|
Adjusted diluted EPS4 |
|
0.36 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
0.40 |
|
|
|
0.51 |
|
Adjusted ROTA2 |
|
1.00 |
% |
|
|
1.04 |
% |
|
|
1.04 |
% |
|
|
1.12 |
% |
|
|
1.41 |
% |
Adjusted ROTCE2 |
|
10.76 |
|
|
|
11.15 |
|
|
|
11.80 |
|
|
|
12.79 |
|
|
|
16.08 |
|
Adjusted efficiency ratio |
|
60.21 |
|
|
|
61.13 |
|
|
|
60.32 |
|
|
|
60.19 |
|
|
|
56.44 |
|
Net adjusted noninterest expense as a percent of average
tangible assets2 |
|
2.19 |
% |
|
|
2.23 |
% |
|
|
2.25 |
% |
|
|
2.34 |
% |
|
|
2.40 |
% |
|
|
|
|
|
|
|
|
|
|
Other data: |
|
|
|
|
|
|
|
|
|
Market capitalization3 |
$ |
2,016,472 |
|
|
$ |
2,156,529 |
|
|
$ |
2,415,158 |
|
|
$ |
1,869,891 |
|
|
$ |
1,880,407 |
|
Full-time equivalent employees |
|
1,449 |
|
|
|
1,445 |
|
|
|
1,541 |
|
|
|
1,570 |
|
|
|
1,670 |
|
Number of ATMs |
|
95 |
|
|
|
95 |
|
|
|
96 |
|
|
|
97 |
|
|
|
96 |
|
Full-service banking offices |
|
77 |
|
|
|
77 |
|
|
|
77 |
|
|
|
77 |
|
|
|
78 |
|
1Non-GAAP measure, see “Explanation of
Certain Unaudited Non-GAAP Financial Measures" for more information
and a reconciliation to GAAP. |
2The Company defines tangible assets as
total assets less intangible assets, and tangible common equity as
total shareholders' equity less intangible assets. |
3Common shares outstanding multiplied by
closing bid price on last day of each period. |
4As of 1Q’24, amortization of intangibles
is excluded from adjustments to noninterest expense; prior periods
have been updated to reflect the change. |
|
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call July 26, 2024, at 10:00
a.m. (Eastern Time) to discuss the second quarter of 2024 earnings
results and business trends. Investors may call in (toll-free) by
dialing (800) 715-9871 (Conference ID: 5967990). Charts will be
used during the conference call and may be accessed at Seacoast’s
website at www.SeacoastBanking.com by selecting “Presentations”
under the heading “News/Events.” Additionally, a recording of the
call will be made available to individuals shortly after the
conference call and can be accessed via a link at
www.SeacoastBanking.com under the heading “Corporate Information.”
The recording will be available for one year.
About Seacoast Banking Corporation of
Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of
the largest community banks headquartered in Florida with
approximately $15.0 billion in assets and $12.1 billion in deposits
as of June 30, 2024. Seacoast provides integrated financial
services including commercial and consumer banking, wealth
management, and mortgage services to customers at 77 full-service
branches across Florida, and through advanced mobile and online
banking solutions. Seacoast National Bank is the wholly-owned
subsidiary bank of Seacoast Banking Corporation of Florida. For
more information about Seacoast, visit www.SeacoastBanking.com.
Tracey L. Dexter
Chief Financial Officer
Seacoast Banking Corporation of Florida
(772) 403-0461
Cautionary Notice Regarding
Forward-Looking Statements
This press release contains “forward-looking
statements” within the meaning, and protections, of Section 27A of
the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including, without
limitation, statements about future financial and operating
results, cost savings, enhanced revenues, economic and seasonal
conditions in the Company’s markets, and improvements to reported
earnings that may be realized from cost controls, tax law changes,
new initiatives and for integration of banks that the Company has
acquired, or expects to acquire, as well as statements with respect
to Seacoast's objectives, strategic plans, expectations and
intentions and other statements that are not historical facts.
Actual results may differ from those set forth in the
forward-looking statements.
Forward-looking statements include
statements with respect to the Company’s beliefs, plans,
objectives, goals, expectations, anticipations, assumptions,
estimates and intentions about future performance and involve known
and unknown risks, uncertainties and other factors, which may be
beyond the Company’s control, and which may cause the actual
results, performance or achievements of Seacoast Banking
Corporation of Florida (“Seacoast” or the “Company”) or its
wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast
Bank”), to be materially different from results, performance or
achievements expressed or implied by such forward-looking
statements. You should not expect the Company to update any
forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through the use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" or other similar words and expressions
of the future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation: the
impact of current and future economic and market conditions
generally (including seasonality) and in the financial services
industry, nationally and within Seacoast’s primary market areas,
including the effects of inflationary pressures, changes in
interest rates, slowdowns in economic growth, and the potential for
high unemployment rates, as well as the financial stress on
borrowers and changes to customer and client behavior and credit
risk as a result of the foregoing; potential impacts of adverse
developments in the banking industry, including those highlighted
by high-profile bank failures, and including impacts on customer
confidence, deposit outflows, liquidity and the regulatory response
thereto (including increases in the cost of our deposit insurance
assessments), the Company's ability to effectively manage its
liquidity risk and any growth plans, and the availability of
capital and funding; governmental monetary and fiscal policies,
including interest rate policies of the Board of Governors of the
Federal Reserve, as well as legislative, tax and regulatory changes
including proposed overdraft and late fee caps, including those
that impact the money supply and inflation; the risks of changes in
interest rates on the level and composition of deposits (as well as
the cost of, and competition for, deposits), loan demand, liquidity
and the values of loan collateral, securities, and interest rate
sensitive assets and liabilities; interest rate risks (including
the impacts of interest rates on macroeconomic conditions, customer
and client behavior, and on our net interest income), sensitivities
and the shape of the yield curve; changes in accounting policies,
rules and practices; changes in retail distribution strategies,
customer preferences and behavior generally and as a result of
economic factors, including heightened inflation; changes in the
availability and cost of credit and capital in the financial
markets; changes in the prices, values and sales volumes of
residential and commercial real estate, especially as they relate
to the value of collateral supporting the Company’s loans; the
Company’s concentration in commercial real estate loans and in real
estate collateral in Florida; Seacoast’s ability to comply with any
regulatory requirements and the risk that the regulatory
environment may not be conducive to or may prohibit or delay the
consummation of future mergers and/or business combinations, may
increase the length of time and amount of resources required to
consummate such transactions, and may reduce the anticipated
benefit; inaccuracies or other failures from the use of models,
including the failure of assumptions and estimates, as well as
differences in, and changes to, economic, market and credit
conditions; the impact on the valuation of Seacoast’s investments
due to market volatility or counterparty payment risk, as well as
the effect of a decline in stock market prices on our fee income
from our wealth management business; statutory and regulatory
dividend restrictions; increases in regulatory capital requirements
for banking organizations generally; the risks of mergers,
acquisitions and divestitures, including Seacoast’s ability to
continue to identify acquisition targets, successfully acquire and
integrate desirable financial institutions and realize expected
revenues and revenue synergies; changes in technology or products
that may be more difficult, costly, or less effective than
anticipated; the Company’s ability to identify and address
increased cybersecurity risks, including those impacting vendors
and other third parties which may be exacerbated by developments in
generative artificial intelligence; fraud or misconduct by internal
or external parties, which Seacoast may not be able to prevent,
detect or mitigate; inability of Seacoast’s risk management
framework to manage risks associated with the Company’s business;
dependence on key suppliers or vendors to obtain equipment or
services for the business on acceptable terms; reduction in or the
termination of Seacoast’s ability to use the online- or
mobile-based platform that is critical to the Company’s business
growth strategy; the effects of war or other conflicts, acts of
terrorism, natural disasters, including hurricanes in the Company’s
footprint, health emergencies, epidemics or pandemics, or other
catastrophic events that may affect general economic conditions
and/or increase costs, including, but not limited to, property and
casualty and other insurance costs; Seacoast’s ability to maintain
adequate internal controls over financial reporting; potential
claims, damages, penalties, fines, costs and reputational damage
resulting from pending or future litigation, regulatory proceedings
and enforcement actions; the risks that deferred tax assets could
be reduced if estimates of future taxable income from the Company’s
operations and tax planning strategies are less than currently
estimated, the results of tax audit findings, challenges to our tax
positions, or adverse changes or interpretations of tax laws; the
effects of competition from other commercial banks, thrifts,
mortgage banking firms, consumer finance companies, credit unions,
non-bank financial technology providers, securities brokerage
firms, insurance companies, money market and other mutual funds and
other financial institutions; the failure of assumptions underlying
the establishment of reserves for expected credit losses; risks
related to, and the costs associated with, environmental, social
and governance matters, including the scope and pace of related
rulemaking activity and disclosure requirements; a deterioration of
the credit rating for U.S. long-term sovereign debt, actions that
the U.S. government may take to avoid exceeding the debt ceiling,
and uncertainties surrounding the federal budget and economic
policy; the risk that balance sheet, revenue growth, and loan
growth expectations may differ from actual results; and other
factors and risks described under “Risk Factors” herein and in any
of the Company's subsequent reports filed with the SEC and
available on its website at www.sec.gov.
All written or oral forward-looking
statements attributable to us are expressly qualified in their
entirety by this cautionary notice, including, without limitation,
those risks and uncertainties described in the Company’s annual
report on Form 10-K for the year ended December 31,
2023 and in other periodic reports that the Company files
with the SEC. Such reports are available upon request from the
Company, or from the Securities and Exchange Commission, including
through the SEC's Internet website at www.sec.gov.
|
|
|
|
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
Quarterly Trends |
|
Six Months Ended |
(Amounts in thousands, except ratios and per share
data) |
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
3Q'23 |
|
2Q'23 |
|
2Q'24 |
|
2Q'23 |
Summary of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
|
$ |
31,414 |
|
|
$ |
31,249 |
|
|
$ |
56,250 |
|
|
$ |
43,076 |
|
Adjusted net income1,6 |
|
30,277 |
|
|
|
31,132 |
|
|
|
31,363 |
|
|
|
34,170 |
|
|
|
43,489 |
|
|
|
61,408 |
|
|
|
67,708 |
|
Net interest income2 |
|
104,657 |
|
|
|
105,298 |
|
|
|
111,035 |
|
|
|
119,505 |
|
|
|
127,153 |
|
|
|
209,954 |
|
|
|
258,504 |
|
Net interest margin2,3 |
|
3.18 |
% |
|
|
3.24 |
% |
|
|
3.36 |
% |
|
|
3.57 |
% |
|
|
3.86 |
% |
|
|
3.21 |
% |
|
|
4.09 |
% |
Pre-tax pre-provision earnings1 |
|
44,555 |
|
|
|
35,674 |
|
|
|
42,006 |
|
|
|
43,383 |
|
|
|
40,864 |
|
|
|
80,228 |
|
|
|
88,424 |
|
Adjusted pre-tax pre-provision earnings1,6 |
|
44,490 |
|
|
|
42,513 |
|
|
|
45,016 |
|
|
|
47,349 |
|
|
|
57,202 |
|
|
|
87,002 |
|
|
|
121,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets-GAAP basis3 |
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.80 |
% |
|
|
0.84 |
% |
|
|
0.84 |
% |
|
|
0.77 |
% |
|
|
0.60 |
% |
Return on average tangible assets-GAAP basis3,4 |
|
1.00 |
|
|
|
0.89 |
|
|
|
0.99 |
|
|
|
1.04 |
|
|
|
1.06 |
|
|
|
0.94 |
|
|
|
0.80 |
|
Adjusted return on average tangible assets1,3,4 |
|
1.00 |
|
|
|
1.04 |
|
|
|
1.04 |
|
|
|
1.12 |
|
|
|
1.41 |
|
|
|
1.02 |
|
|
|
1.16 |
|
Pre-tax pre-provision return on average tangible
assets1,3,4,6 |
|
1.45 |
|
|
|
1.22 |
|
|
|
1.39 |
|
|
|
1.43 |
|
|
|
1.39 |
|
|
|
1.33 |
|
|
|
1.52 |
|
Adjusted pre-tax pre-provision return on average tangible
assets1,3,4 |
|
1.45 |
|
|
|
1.42 |
|
|
|
1.48 |
|
|
|
1.55 |
|
|
|
1.85 |
|
|
|
1.43 |
|
|
|
2.01 |
|
Net adjusted noninterest expense to average tangible
assets1,3,4 |
|
2.19 |
|
|
|
2.23 |
|
|
|
2.25 |
|
|
|
2.34 |
|
|
|
2.40 |
|
|
|
2.21 |
|
|
|
2.44 |
|
Return on average shareholders' equity-GAAP basis3 |
|
5.74 |
|
|
|
4.94 |
|
|
|
5.69 |
|
|
|
6.01 |
|
|
|
6.05 |
|
|
|
5.34 |
|
|
|
4.38 |
|
Return on average tangible common equity-GAAP
basis3,4 |
|
10.75 |
|
|
|
9.55 |
|
|
|
11.22 |
|
|
|
11.90 |
|
|
|
12.08 |
|
|
|
10.15 |
|
|
|
9.14 |
|
Adjusted return on average tangible common
equity1,3,4 |
|
10.76 |
|
|
|
11.15 |
|
|
|
11.80 |
|
|
|
12.79 |
|
|
|
16.08 |
|
|
|
10.95 |
|
|
|
13.32 |
|
Efficiency ratio5 |
|
60.21 |
|
|
|
66.78 |
|
|
|
60.32 |
|
|
|
62.60 |
|
|
|
67.34 |
|
|
|
63.48 |
|
|
|
66.37 |
|
Adjusted efficiency ratio1 |
|
60.21 |
|
|
|
61.13 |
|
|
|
60.32 |
|
|
|
60.19 |
|
|
|
56.44 |
|
|
|
60.67 |
|
|
|
54.76 |
|
Noninterest income to total revenue (excluding securities
gains/losses) |
|
17.55 |
|
|
|
16.17 |
|
|
|
15.14 |
|
|
|
13.22 |
|
|
|
14.63 |
|
|
|
16.86 |
|
|
|
14.59 |
|
Tangible common equity to tangible assets4 |
|
9.30 |
|
|
|
9.25 |
|
|
|
9.31 |
|
|
|
8.68 |
|
|
|
8.53 |
|
|
|
9.30 |
|
|
|
8.53 |
|
Average loan-to-deposit ratio |
|
83.11 |
|
|
|
84.50 |
|
|
|
83.38 |
|
|
|
82.63 |
|
|
|
83.48 |
|
|
|
83.80 |
|
|
|
82.98 |
|
End of period loan-to-deposit ratio |
|
82.90 |
|
|
|
83.12 |
|
|
|
85.48 |
|
|
|
82.71 |
|
|
|
82.42 |
|
|
|
82.90 |
|
|
|
82.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted-GAAP basis |
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
0.66 |
|
|
$ |
0.52 |
|
Net income basic-GAAP basis |
|
0.36 |
|
|
|
0.31 |
|
|
|
0.35 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
0.67 |
|
|
|
0.52 |
|
Adjusted earnings1,6 |
|
0.36 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
0.40 |
|
|
|
0.51 |
|
|
|
0.72 |
|
|
|
0.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share common |
|
24.98 |
|
|
|
24.93 |
|
|
|
24.84 |
|
|
|
24.06 |
|
|
|
24.14 |
|
|
|
24.98 |
|
|
|
24.14 |
|
Tangible book value per share |
|
15.41 |
|
|
|
15.26 |
|
|
|
15.08 |
|
|
|
14.26 |
|
|
|
14.24 |
|
|
|
15.41 |
|
|
|
14.24 |
|
Cash dividends declared |
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.36 |
|
|
|
0.35 |
|
1Non-GAAP measure - see "Explanation of
Certain Unaudited Non-GAAP Financial Measures" for more information
and a reconciliation to GAAP. |
2Calculated on a fully taxable equivalent basis
using amortized cost. |
3These ratios are stated on an annualized
basis and are not necessarily indicative of future
periods. |
4The Company defines tangible assets as
total assets less intangible assets, and tangible common equity as
total shareholders' equity less intangible assets. |
5Defined as noninterest expense less
amortization of intangibles and gains, losses, and expenses on
foreclosed properties divided by net operating revenue (net
interest income on a fully taxable equivalent basis plus
noninterest income excluding securities gains and
losses). |
6As of 1Q'24, amortization of intangibles
is excluded from adjustments to noninterest expense; prior periods
have been updated to reflect the change. |
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
Quarterly Trends |
|
Six Months Ended |
(Amounts in thousands, except per share data) |
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
3Q'23 |
|
2Q'23 |
|
2Q'24 |
|
2Q'23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
24,155 |
|
|
$ |
22,393 |
|
|
$ |
21,383 |
|
|
$ |
21,401 |
|
|
$ |
20,898 |
|
|
$ |
46,548 |
|
|
$ |
40,142 |
|
Nontaxable |
|
33 |
|
|
|
34 |
|
|
|
55 |
|
|
|
97 |
|
|
|
97 |
|
|
|
67 |
|
|
|
202 |
|
Interest and fees on loans |
|
147,292 |
|
|
|
147,095 |
|
|
|
147,801 |
|
|
|
149,871 |
|
|
|
148,265 |
|
|
|
294,387 |
|
|
|
283,433 |
|
Interest on interest bearing deposits and other investments |
|
8,328 |
|
|
|
6,184 |
|
|
|
7,616 |
|
|
|
8,477 |
|
|
|
5,023 |
|
|
|
14,512 |
|
|
|
8,497 |
|
Total Interest Income |
|
179,808 |
|
|
|
175,706 |
|
|
|
176,855 |
|
|
|
179,846 |
|
|
|
174,283 |
|
|
|
355,514 |
|
|
|
332,274 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
51,319 |
|
|
|
47,534 |
|
|
|
44,923 |
|
|
|
38,396 |
|
|
|
27,183 |
|
|
|
98,853 |
|
|
|
43,216 |
|
Interest on time certificates |
|
17,928 |
|
|
|
17,121 |
|
|
|
15,764 |
|
|
|
16,461 |
|
|
|
14,477 |
|
|
|
35,049 |
|
|
|
20,029 |
|
Interest on borrowed money |
|
6,137 |
|
|
|
5,973 |
|
|
|
5,349 |
|
|
|
5,683 |
|
|
|
5,660 |
|
|
|
12,110 |
|
|
|
10,914 |
|
Total Interest Expense |
|
75,384 |
|
|
|
70,628 |
|
|
|
66,036 |
|
|
|
60,540 |
|
|
|
47,320 |
|
|
|
146,012 |
|
|
|
74,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
104,424 |
|
|
|
105,078 |
|
|
|
110,819 |
|
|
|
119,306 |
|
|
|
126,963 |
|
|
|
209,502 |
|
|
|
258,115 |
|
Provision for credit losses |
|
4,918 |
|
|
|
1,368 |
|
|
|
3,990 |
|
|
|
2,694 |
|
|
|
(764 |
) |
|
|
6,286 |
|
|
|
30,834 |
|
Net Interest Income After Provision for Credit
Losses |
|
99,506 |
|
|
|
103,710 |
|
|
|
106,829 |
|
|
|
116,612 |
|
|
|
127,727 |
|
|
|
203,216 |
|
|
|
227,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
5,342 |
|
|
|
4,960 |
|
|
|
4,828 |
|
|
|
4,648 |
|
|
|
4,560 |
|
|
|
10,302 |
|
|
|
8,802 |
|
Interchange income |
|
1,940 |
|
|
|
1,888 |
|
|
|
2,433 |
|
|
|
1,684 |
|
|
|
5,066 |
|
|
|
3,828 |
|
|
|
9,760 |
|
Wealth management income |
|
3,766 |
|
|
|
3,540 |
|
|
|
3,261 |
|
|
|
3,138 |
|
|
|
3,318 |
|
|
|
7,306 |
|
|
|
6,381 |
|
Mortgage banking fees |
|
582 |
|
|
|
381 |
|
|
|
378 |
|
|
|
410 |
|
|
|
576 |
|
|
|
963 |
|
|
|
1,002 |
|
Insurance agency income |
|
1,355 |
|
|
|
1,291 |
|
|
|
1,066 |
|
|
|
1,183 |
|
|
|
1,160 |
|
|
|
2,646 |
|
|
|
2,261 |
|
SBA gains |
|
694 |
|
|
|
739 |
|
|
|
921 |
|
|
|
613 |
|
|
|
249 |
|
|
|
1,433 |
|
|
|
571 |
|
BOLI income |
|
2,596 |
|
|
|
2,264 |
|
|
|
2,220 |
|
|
|
2,197 |
|
|
|
2,068 |
|
|
|
4,860 |
|
|
|
3,984 |
|
Other |
|
5,953 |
|
|
|
5,205 |
|
|
|
4,668 |
|
|
|
4,307 |
|
|
|
4,755 |
|
|
|
11,158 |
|
|
|
11,329 |
|
|
|
22,228 |
|
|
|
20,268 |
|
|
|
19,775 |
|
|
|
18,180 |
|
|
|
21,752 |
|
|
|
42,496 |
|
|
|
44,090 |
|
Securities (losses) gains, net |
|
(44 |
) |
|
|
229 |
|
|
|
(2,437 |
) |
|
|
(387 |
) |
|
|
(176 |
) |
|
|
185 |
|
|
|
(69 |
) |
Total Noninterest Income |
|
22,184 |
|
|
|
20,497 |
|
|
|
17,338 |
|
|
|
17,793 |
|
|
|
21,576 |
|
|
|
42,681 |
|
|
|
44,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
38,937 |
|
|
|
40,304 |
|
|
|
38,435 |
|
|
|
46,431 |
|
|
|
45,155 |
|
|
|
79,241 |
|
|
|
92,771 |
|
Employee benefits |
|
6,861 |
|
|
|
7,889 |
|
|
|
6,678 |
|
|
|
7,206 |
|
|
|
7,472 |
|
|
|
14,750 |
|
|
|
16,034 |
|
Outsourced data processing costs |
|
8,210 |
|
|
|
12,118 |
|
|
|
8,609 |
|
|
|
8,714 |
|
|
|
20,222 |
|
|
|
20,328 |
|
|
|
34,775 |
|
Occupancy |
|
7,180 |
|
|
|
8,037 |
|
|
|
7,512 |
|
|
|
7,758 |
|
|
|
8,583 |
|
|
|
15,217 |
|
|
|
16,602 |
|
Furniture and equipment |
|
1,956 |
|
|
|
2,011 |
|
|
|
2,028 |
|
|
|
2,052 |
|
|
|
2,345 |
|
|
|
3,967 |
|
|
|
4,612 |
|
Marketing |
|
3,266 |
|
|
|
2,655 |
|
|
|
2,995 |
|
|
|
1,876 |
|
|
|
2,047 |
|
|
|
5,921 |
|
|
|
4,285 |
|
Legal and professional fees |
|
1,982 |
|
|
|
2,151 |
|
|
|
3,294 |
|
|
|
2,679 |
|
|
|
4,062 |
|
|
|
4,133 |
|
|
|
11,541 |
|
FDIC assessments |
|
2,131 |
|
|
|
2,158 |
|
|
|
2,813 |
|
|
|
2,258 |
|
|
|
2,116 |
|
|
|
4,289 |
|
|
|
3,559 |
|
Amortization of intangibles |
|
6,003 |
|
|
|
6,292 |
|
|
|
6,888 |
|
|
|
7,457 |
|
|
|
7,654 |
|
|
|
12,295 |
|
|
|
14,381 |
|
Other real estate owned expense and net (gain) loss on sale |
|
(109 |
) |
|
|
(26 |
) |
|
|
573 |
|
|
|
274 |
|
|
|
(57 |
) |
|
|
(135 |
) |
|
|
138 |
|
Provision for credit losses on unfunded commitments |
|
251 |
|
|
|
250 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
501 |
|
|
|
1,239 |
|
Other |
|
5,869 |
|
|
|
6,532 |
|
|
|
6,542 |
|
|
|
7,210 |
|
|
|
8,266 |
|
|
|
12,401 |
|
|
|
15,403 |
|
Total Noninterest Expense |
|
82,537 |
|
|
|
90,371 |
|
|
|
86,367 |
|
|
|
93,915 |
|
|
|
107,865 |
|
|
|
172,908 |
|
|
|
215,340 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
39,153 |
|
|
|
33,836 |
|
|
|
37,800 |
|
|
|
40,490 |
|
|
|
41,438 |
|
|
|
72,989 |
|
|
|
55,962 |
|
Provision for income taxes |
|
8,909 |
|
|
|
7,830 |
|
|
|
8,257 |
|
|
|
9,076 |
|
|
|
10,189 |
|
|
|
16,739 |
|
|
|
12,886 |
|
Net Income |
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
|
$ |
31,414 |
|
|
$ |
31,249 |
|
|
$ |
56,250 |
|
|
$ |
43,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
0.66 |
|
|
$ |
0.52 |
|
Basic |
|
0.36 |
|
|
|
0.31 |
|
|
|
0.35 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
0.67 |
|
|
|
0.52 |
|
Cash dividends declared |
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.36 |
|
|
|
0.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted |
|
84,816 |
|
|
|
85,270 |
|
|
|
85,336 |
|
|
|
85,666 |
|
|
|
85,536 |
|
|
|
84,799 |
|
|
|
83,260 |
|
Basic |
|
84,341 |
|
|
|
84,908 |
|
|
|
84,817 |
|
|
|
85,142 |
|
|
|
85,022 |
|
|
|
84,260 |
|
|
|
82,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
(Amounts in thousands) |
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
168,738 |
|
|
$ |
137,850 |
|
|
$ |
167,511 |
|
|
$ |
182,036 |
|
|
$ |
164,193 |
|
Interest bearing deposits with other banks |
|
580,787 |
|
|
|
544,874 |
|
|
|
279,671 |
|
|
|
513,946 |
|
|
|
563,690 |
|
Total cash and cash equivalents |
|
749,525 |
|
|
|
682,724 |
|
|
|
447,182 |
|
|
|
695,982 |
|
|
|
727,883 |
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
7,856 |
|
|
|
7,856 |
|
|
|
5,857 |
|
|
|
4,357 |
|
|
|
2,987 |
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
Securities available for sale (at fair value) |
|
1,967,204 |
|
|
|
1,949,463 |
|
|
|
1,836,020 |
|
|
|
1,841,845 |
|
|
|
1,916,231 |
|
Securities held to maturity (at amortized cost) |
|
658,055 |
|
|
|
669,896 |
|
|
|
680,313 |
|
|
|
691,404 |
|
|
|
707,812 |
|
Total debt securities |
|
2,625,259 |
|
|
|
2,619,359 |
|
|
|
2,516,333 |
|
|
|
2,533,249 |
|
|
|
2,624,043 |
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale (at fair value) |
|
5,975 |
|
|
|
9,475 |
|
|
|
4,391 |
|
|
|
2,979 |
|
|
|
5,967 |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
10,038,508 |
|
|
|
9,978,052 |
|
|
|
10,062,940 |
|
|
|
10,011,186 |
|
|
|
10,117,919 |
|
Less: Allowance for credit losses |
|
(141,641 |
) |
|
|
(146,669 |
) |
|
|
(148,931 |
) |
|
|
(149,661 |
) |
|
|
(159,715 |
) |
Loans, net of allowance for credit losses |
|
9,896,867 |
|
|
|
9,831,383 |
|
|
|
9,914,009 |
|
|
|
9,861,525 |
|
|
|
9,958,204 |
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
109,945 |
|
|
|
110,787 |
|
|
|
113,304 |
|
|
|
115,749 |
|
|
|
116,959 |
|
Other real estate owned |
|
6,877 |
|
|
|
7,315 |
|
|
|
7,560 |
|
|
|
7,216 |
|
|
|
7,526 |
|
Goodwill |
|
732,417 |
|
|
|
732,417 |
|
|
|
732,417 |
|
|
|
731,970 |
|
|
|
732,910 |
|
Other intangible assets, net |
|
83,445 |
|
|
|
89,377 |
|
|
|
95,645 |
|
|
|
102,397 |
|
|
|
109,716 |
|
Bank owned life insurance |
|
303,816 |
|
|
|
301,229 |
|
|
|
298,974 |
|
|
|
296,763 |
|
|
|
293,880 |
|
Net deferred tax assets |
|
108,852 |
|
|
|
111,539 |
|
|
|
113,232 |
|
|
|
131,602 |
|
|
|
127,941 |
|
Other assets |
|
321,779 |
|
|
|
326,554 |
|
|
|
331,345 |
|
|
|
339,218 |
|
|
|
333,916 |
|
Total Assets |
$ |
14,952,613 |
|
|
$ |
14,830,015 |
|
|
$ |
14,580,249 |
|
|
$ |
14,823,007 |
|
|
$ |
15,041,932 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
Noninterest demand |
$ |
3,397,918 |
|
|
$ |
3,555,401 |
|
|
$ |
3,544,981 |
|
|
$ |
3,868,132 |
|
|
$ |
4,139,052 |
|
Interest-bearing demand |
|
2,821,092 |
|
|
|
2,711,041 |
|
|
|
2,790,210 |
|
|
|
2,800,152 |
|
|
|
2,816,656 |
|
Savings |
|
566,052 |
|
|
|
608,088 |
|
|
|
651,454 |
|
|
|
721,558 |
|
|
|
824,255 |
|
Money market |
|
3,707,761 |
|
|
|
3,531,029 |
|
|
|
3,314,288 |
|
|
|
3,143,897 |
|
|
|
2,859,164 |
|
Time deposits |
|
1,623,295 |
|
|
|
1,610,281 |
|
|
|
1,476,002 |
|
|
|
1,574,095 |
|
|
|
1,644,140 |
|
Total Deposits |
|
12,116,118 |
|
|
|
12,015,840 |
|
|
|
11,776,935 |
|
|
|
12,107,834 |
|
|
|
12,283,267 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
262,103 |
|
|
|
326,732 |
|
|
|
374,573 |
|
|
|
276,450 |
|
|
|
290,156 |
|
Federal Home Loan Bank borrowings |
|
180,000 |
|
|
|
110,000 |
|
|
|
50,000 |
|
|
|
110,000 |
|
|
|
160,000 |
|
Long-term debt, net |
|
106,634 |
|
|
|
106,468 |
|
|
|
106,302 |
|
|
|
106,136 |
|
|
|
105,970 |
|
Other liabilities |
|
157,377 |
|
|
|
153,225 |
|
|
|
164,353 |
|
|
|
174,193 |
|
|
|
148,507 |
|
Total Liabilities |
|
12,822,232 |
|
|
|
12,712,265 |
|
|
|
12,472,163 |
|
|
|
12,774,613 |
|
|
|
12,987,900 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
8,530 |
|
|
|
8,494 |
|
|
|
8,486 |
|
|
|
8,515 |
|
|
|
8,509 |
|
Additional paid in capital |
|
1,815,800 |
|
|
|
1,811,941 |
|
|
|
1,808,883 |
|
|
|
1,813,068 |
|
|
|
1,809,431 |
|
Retained earnings |
|
492,805 |
|
|
|
478,017 |
|
|
|
467,305 |
|
|
|
453,117 |
|
|
|
437,087 |
|
Less: Treasury stock |
|
(18,744 |
) |
|
|
(16,746 |
) |
|
|
(16,710 |
) |
|
|
(14,035 |
) |
|
|
(14,171 |
) |
|
|
2,298,391 |
|
|
|
2,281,706 |
|
|
|
2,267,964 |
|
|
|
2,260,665 |
|
|
|
2,240,856 |
|
Accumulated other comprehensive loss, net |
|
(168,010 |
) |
|
|
(163,956 |
) |
|
|
(159,878 |
) |
|
|
(212,271 |
) |
|
|
(186,824 |
) |
Total Shareholders' Equity |
|
2,130,381 |
|
|
|
2,117,750 |
|
|
|
2,108,086 |
|
|
|
2,048,394 |
|
|
|
2,054,032 |
|
Total Liabilities & Shareholders' Equity |
$ |
14,952,613 |
|
|
$ |
14,830,015 |
|
|
$ |
14,580,249 |
|
|
$ |
14,823,007 |
|
|
$ |
15,041,932 |
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
85,299 |
|
|
|
84,935 |
|
|
|
84,861 |
|
|
|
85,150 |
|
|
|
85,086 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
|
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
3Q'23 |
|
2Q'23 |
Credit Analysis |
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
|
$ |
9,946 |
|
|
$ |
3,630 |
|
|
$ |
4,720 |
|
|
$ |
12,748 |
|
|
$ |
705 |
|
Net charge-offs to average loans |
|
|
0.40 |
% |
|
|
0.15 |
% |
|
|
0.19 |
% |
|
|
0.50 |
% |
|
|
0.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
$ |
141,641 |
|
|
$ |
146,669 |
|
|
$ |
148,931 |
|
|
$ |
149,661 |
|
|
$ |
159,715 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
|
$ |
6,834,059 |
|
|
$ |
6,613,763 |
|
|
$ |
6,571,454 |
|
|
$ |
6,343,121 |
|
|
$ |
6,264,044 |
|
Acquired loans at end of period |
|
|
3,204,449 |
|
|
|
3,364,289 |
|
|
|
3,491,486 |
|
|
|
3,668,065 |
|
|
|
3,853,875 |
|
Total Loans |
|
$ |
10,038,508 |
|
|
$ |
9,978,052 |
|
|
$ |
10,062,940 |
|
|
$ |
10,011,186 |
|
|
$ |
10,117,919 |
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit losses to total loans at end of
period |
|
|
1.41 |
% |
|
|
1.47 |
% |
|
|
1.48 |
% |
|
|
1.49 |
% |
|
|
1.58 |
% |
Purchase discount on acquired loans at end of period |
|
|
4.51 |
|
|
|
4.63 |
|
|
|
4.75 |
|
|
|
4.86 |
|
|
|
4.98 |
|
|
|
|
|
|
|
|
|
|
|
|
End of Period |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
59,927 |
|
|
$ |
77,205 |
|
|
$ |
65,104 |
|
|
$ |
41,508 |
|
|
$ |
48,326 |
|
Other real estate owned |
|
|
1,173 |
|
|
|
309 |
|
|
|
221 |
|
|
|
221 |
|
|
|
530 |
|
Properties previously used in bank operations included in other
real estate owned |
|
|
5,704 |
|
|
|
7,006 |
|
|
|
7,339 |
|
|
|
6,995 |
|
|
|
6,996 |
|
Total Nonperforming Assets |
|
$ |
66,804 |
|
|
$ |
84,520 |
|
|
$ |
72,664 |
|
|
$ |
48,724 |
|
|
$ |
55,852 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Loans at End of Period |
|
|
0.60 |
% |
|
|
0.77 |
% |
|
|
0.65 |
% |
|
|
0.41 |
% |
|
|
0.48 |
% |
Nonperforming Assets to Total Assets at End of Period |
|
|
0.45 |
|
|
|
0.57 |
|
|
|
0.50 |
|
|
|
0.33 |
|
|
|
0.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, |
|
March 31, |
|
December 31, |
|
September 30, |
|
June 30, |
Loans |
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Construction and land
development |
|
$ |
593,534 |
|
|
$ |
623,246 |
|
|
$ |
767,622 |
|
|
$ |
793,736 |
|
|
$ |
794,371 |
|
Commercial real estate - owner
occupied |
|
|
1,656,391 |
|
|
|
1,656,131 |
|
|
|
1,670,281 |
|
|
|
1,675,881 |
|
|
|
1,669,369 |
|
Commercial real estate -
non-owner occupied |
|
|
3,423,266 |
|
|
|
3,368,339 |
|
|
|
3,319,890 |
|
|
|
3,285,974 |
|
|
|
3,370,211 |
|
Residential real estate |
|
|
2,555,320 |
|
|
|
2,521,399 |
|
|
|
2,445,692 |
|
|
|
2,418,903 |
|
|
|
2,396,352 |
|
Commercial and financial |
|
|
1,582,290 |
|
|
|
1,566,198 |
|
|
|
1,607,888 |
|
|
|
1,588,152 |
|
|
|
1,615,534 |
|
Consumer |
|
|
227,707 |
|
|
|
242,739 |
|
|
|
251,567 |
|
|
|
248,540 |
|
|
|
272,082 |
|
Total Loans |
|
$ |
10,038,508 |
|
|
$ |
9,978,052 |
|
|
$ |
10,062,940 |
|
|
$ |
10,011,186 |
|
|
$ |
10,117,919 |
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES 1 |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2Q'24 |
|
1Q'24 |
|
2Q'23 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,629,716 |
|
|
$ |
24,155 |
|
3.69 |
% |
|
$ |
2,578,938 |
|
|
$ |
22,393 |
|
3.47 |
% |
|
$ |
2,673,633 |
|
|
$ |
20,898 |
|
3.13 |
% |
Nontaxable |
|
5,423 |
|
|
|
40 |
|
2.97 |
|
|
|
5,907 |
|
|
|
41 |
|
2.75 |
|
|
|
15,621 |
|
|
|
120 |
|
3.08 |
|
Total Securities |
|
2,635,139 |
|
|
|
24,195 |
|
3.69 |
|
|
|
2,584,845 |
|
|
|
22,434 |
|
3.47 |
|
|
|
2,689,254 |
|
|
|
21,018 |
|
3.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
510,401 |
|
|
|
6,967 |
|
5.49 |
|
|
|
370,494 |
|
|
|
5,056 |
|
5.49 |
|
|
|
327,433 |
|
|
|
4,313 |
|
5.28 |
|
Interest bearing deposits with other banks and other
investments |
|
98,942 |
|
|
|
1,361 |
|
5.53 |
|
|
|
95,619 |
|
|
|
1,128 |
|
4.74 |
|
|
|
90,783 |
|
|
|
710 |
|
3.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, net |
|
10,005,122 |
|
|
|
147,518 |
|
5.93 |
|
|
|
10,034,658 |
|
|
|
147,308 |
|
5.90 |
|
|
|
10,101,228 |
|
|
|
148,432 |
|
5.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
13,249,604 |
|
|
|
180,041 |
|
5.47 |
|
|
|
13,085,616 |
|
|
|
175,926 |
|
5.41 |
|
|
|
13,208,698 |
|
|
|
174,473 |
|
5.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(146,380 |
) |
|
|
|
|
|
|
(148,422 |
) |
|
|
|
|
|
|
(156,207 |
) |
|
|
|
|
Cash and due from banks |
|
168,439 |
|
|
|
|
|
|
|
166,734 |
|
|
|
|
|
|
|
165,625 |
|
|
|
|
|
Bank premises and equipment, net |
|
110,709 |
|
|
|
|
|
|
|
112,391 |
|
|
|
|
|
|
|
117,726 |
|
|
|
|
|
Intangible assets |
|
818,914 |
|
|
|
|
|
|
|
825,531 |
|
|
|
|
|
|
|
842,988 |
|
|
|
|
|
Bank owned life insurance |
|
302,165 |
|
|
|
|
|
|
|
299,765 |
|
|
|
|
|
|
|
293,251 |
|
|
|
|
|
Other assets including deferred tax assets |
|
336,256 |
|
|
|
|
|
|
|
349,161 |
|
|
|
|
|
|
|
415,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
14,839,707 |
|
|
|
|
|
|
$ |
14,690,776 |
|
|
|
|
|
|
$ |
14,887,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,670,569 |
|
|
$ |
14,946 |
|
2.25 |
% |
|
$ |
2,719,334 |
|
|
$ |
15,266 |
|
2.26 |
% |
|
$ |
2,666,314 |
|
|
$ |
7,560 |
|
1.14 |
% |
Savings |
|
584,490 |
|
|
|
560 |
|
0.39 |
|
|
|
628,329 |
|
|
|
540 |
|
0.35 |
|
|
|
906,936 |
|
|
|
427 |
|
0.19 |
|
Money market |
|
3,665,858 |
|
|
|
35,813 |
|
3.93 |
|
|
|
3,409,310 |
|
|
|
31,728 |
|
3.74 |
|
|
|
2,806,672 |
|
|
|
19,196 |
|
2.74 |
|
Time deposits |
|
1,631,290 |
|
|
|
17,928 |
|
4.42 |
|
|
|
1,590,070 |
|
|
|
17,121 |
|
4.33 |
|
|
|
1,425,344 |
|
|
|
14,477 |
|
4.07 |
|
Securities sold under agreements to repurchase |
|
293,603 |
|
|
|
2,683 |
|
3.68 |
|
|
|
333,386 |
|
|
|
3,079 |
|
3.71 |
|
|
|
244,824 |
|
|
|
1,593 |
|
2.61 |
|
Federal Home Loan Bank borrowings |
|
149,234 |
|
|
|
1,592 |
|
4.29 |
|
|
|
102,418 |
|
|
|
960 |
|
3.77 |
|
|
|
251,596 |
|
|
|
2,272 |
|
3.62 |
|
Long-term debt, net |
|
106,532 |
|
|
|
1,862 |
|
7.03 |
|
|
|
106,373 |
|
|
|
1,934 |
|
7.31 |
|
|
|
105,861 |
|
|
|
1,795 |
|
6.80 |
|
Total Interest-Bearing Liabilities |
|
9,101,576 |
|
|
|
75,384 |
|
3.33 |
|
|
|
8,889,220 |
|
|
|
70,628 |
|
3.20 |
|
|
|
8,407,547 |
|
|
|
47,320 |
|
2.26 |
|
Noninterest demand |
|
3,485,603 |
|
|
|
|
|
|
|
3,528,489 |
|
|
|
|
|
|
|
4,294,251 |
|
|
|
|
|
Other liabilities |
|
134,900 |
|
|
|
|
|
|
|
154,686 |
|
|
|
|
|
|
|
114,962 |
|
|
|
|
|
Total Liabilities |
|
12,722,079 |
|
|
|
|
|
|
|
12,572,395 |
|
|
|
|
|
|
|
12,816,760 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
2,117,628 |
|
|
|
|
|
|
|
2,118,381 |
|
|
|
|
|
|
|
2,070,529 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
14,839,707 |
|
|
|
|
|
|
$ |
14,690,776 |
|
|
|
|
|
|
$ |
14,887,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
2.31 |
% |
|
|
|
|
|
2.19 |
% |
|
|
|
|
|
1.38 |
% |
Interest expense as a % of earning assets |
|
|
|
|
2.29 |
% |
|
|
|
|
|
2.17 |
% |
|
|
|
|
|
1.44 |
% |
Net interest income as a % of earning assets |
|
|
$ |
104,657 |
|
3.18 |
% |
|
|
|
$ |
105,298 |
|
3.24 |
% |
|
|
|
$ |
127,153 |
|
3.86 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On
a fully taxable equivalent basis. All yields and rates have been
computed using amortized cost. |
Fees on loans
have been included in interest on loans. Nonaccrual loans are
included in loan balances. |
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES 1 |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, 2024 |
|
Six Months Ended June 30, 2023 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,604,327 |
|
|
$ |
46,548 |
|
3.59 |
% |
|
$ |
2,686,804 |
|
|
$ |
40,142 |
|
2.99 |
% |
Nontaxable |
|
5,665 |
|
|
|
81 |
|
2.88 |
|
|
|
15,944 |
|
|
|
251 |
|
3.15 |
|
Total Securities |
|
2,609,992 |
|
|
|
46,629 |
|
3.59 |
|
|
|
2,702,748 |
|
|
|
40,393 |
|
2.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
440,448 |
|
|
|
12,023 |
|
5.49 |
|
|
|
228,491 |
|
|
|
5,787 |
|
5.11 |
|
Interest bearing deposits with other banks and other
investments |
|
97,281 |
|
|
|
2,489 |
|
5.15 |
|
|
|
90,750 |
|
|
|
2,710 |
|
6.02 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, net |
|
10,019,890 |
|
|
|
294,825 |
|
5.92 |
|
|
|
9,737,236 |
|
|
|
283,773 |
|
5.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
13,167,611 |
|
|
|
355,966 |
|
5.44 |
|
|
|
12,759,225 |
|
|
|
332,663 |
|
5.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(147,401 |
) |
|
|
|
|
|
|
(148,143 |
) |
|
|
|
|
Cash and due from banks |
|
167,586 |
|
|
|
|
|
|
|
193,811 |
|
|
|
|
|
Bank premises and equipment, net |
|
111,550 |
|
|
|
|
|
|
|
116,909 |
|
|
|
|
|
Intangible assets |
|
822,222 |
|
|
|
|
|
|
|
797,096 |
|
|
|
|
|
Bank owned life insurance |
|
300,965 |
|
|
|
|
|
|
|
283,936 |
|
|
|
|
|
Other assets including deferred tax assets |
|
342,708 |
|
|
|
|
|
|
|
417,393 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
14,765,241 |
|
|
|
|
|
|
$ |
14,420,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,694,952 |
|
|
$ |
30,212 |
|
2.25 |
% |
|
$ |
2,559,805 |
|
|
$ |
10,767 |
|
0.85 |
% |
Savings |
|
606,410 |
|
|
|
1,100 |
|
0.36 |
|
|
|
979,674 |
|
|
|
827 |
|
0.17 |
|
Money market |
|
3,537,584 |
|
|
|
67,541 |
|
3.84 |
|
|
|
2,760,207 |
|
|
|
31,622 |
|
2.31 |
|
Time deposits |
|
1,610,680 |
|
|
|
35,049 |
|
4.38 |
|
|
|
1,120,576 |
|
|
|
20,029 |
|
3.60 |
|
Securities sold under agreements to repurchase |
|
313,494 |
|
|
|
5,762 |
|
3.70 |
|
|
|
209,358 |
|
|
|
2,456 |
|
2.37 |
|
Federal Home Loan Bank borrowings |
|
125,826 |
|
|
|
2,552 |
|
4.08 |
|
|
|
266,935 |
|
|
|
5,048 |
|
3.81 |
|
Long-term debt, net |
|
106,453 |
|
|
|
3,796 |
|
7.17 |
|
|
|
102,164 |
|
|
|
3,410 |
|
6.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
8,995,399 |
|
|
|
146,012 |
|
3.26 |
|
|
|
7,998,719 |
|
|
|
74,159 |
|
1.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
3,507,046 |
|
|
|
|
|
|
|
4,314,498 |
|
|
|
|
|
Other liabilities |
|
144,791 |
|
|
|
|
|
|
|
122,746 |
|
|
|
|
|
Total Liabilities |
|
12,647,236 |
|
|
|
|
|
|
|
12,435,963 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
2,118,005 |
|
|
|
|
|
|
|
1,984,264 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
14,765,241 |
|
|
|
|
|
|
$ |
14,420,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
2.25 |
% |
|
|
|
|
|
1.09 |
% |
Interest expense as a % of earning assets |
|
|
|
|
2.23 |
% |
|
|
|
|
|
1.17 |
% |
Net interest income as a % of earning assets |
|
|
$ |
209,954 |
|
3.21 |
% |
|
|
|
$ |
258,504 |
|
4.09 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On
a fully taxable equivalent basis. All yields and rates have been
computed using amortized cost. |
Fees on loans
have been included in interest on loans. Nonaccrual loans are
included in loan balances. |
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
June 30,
2024 |
|
March 31,
2024 |
|
December 31,
2023 |
|
September 30,
2023 |
|
June 30,
2023 |
Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
2,664,353 |
|
$ |
2,808,151 |
|
$ |
2,752,644 |
|
$ |
3,089,488 |
|
$ |
3,304,761 |
Retail |
|
532,623 |
|
|
553,697 |
|
|
561,569 |
|
|
570,727 |
|
|
615,536 |
Public funds |
|
142,846 |
|
|
145,747 |
|
|
173,893 |
|
|
134,649 |
|
|
152,159 |
Other |
|
58,096 |
|
|
47,806 |
|
|
56,875 |
|
|
73,268 |
|
|
66,596 |
Total Noninterest Demand |
|
3,397,918 |
|
|
3,555,401 |
|
|
3,544,981 |
|
|
3,868,132 |
|
|
4,139,052 |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
Commercial |
|
1,533,725 |
|
|
1,561,905 |
|
|
1,576,491 |
|
|
1,618,755 |
|
|
1,555,486 |
Retail |
|
892,032 |
|
|
930,178 |
|
|
956,900 |
|
|
994,224 |
|
|
1,058,993 |
Brokered |
|
198,337 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Public funds |
|
196,998 |
|
|
218,958 |
|
|
256,819 |
|
|
187,173 |
|
|
202,177 |
Total Interest-Bearing Demand |
|
2,821,092 |
|
|
2,711,041 |
|
|
2,790,210 |
|
|
2,800,152 |
|
|
2,816,656 |
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
Commercial |
|
4,198,078 |
|
|
4,370,056 |
|
|
4,329,135 |
|
|
4,708,243 |
|
|
4,860,247 |
Retail |
|
1,424,655 |
|
|
1,483,875 |
|
|
1,518,469 |
|
|
1,564,951 |
|
|
1,674,529 |
Brokered |
|
198,337 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
Public funds |
|
339,844 |
|
|
364,705 |
|
|
430,712 |
|
|
321,822 |
|
|
354,336 |
Other |
|
58,096 |
|
|
47,806 |
|
|
56,875 |
|
|
73,268 |
|
|
66,596 |
Total Transaction Accounts |
|
6,219,010 |
|
|
6,266,442 |
|
|
6,335,191 |
|
|
6,668,284 |
|
|
6,955,708 |
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
|
|
|
|
|
|
|
Commercial |
|
53,523 |
|
|
52,665 |
|
|
58,562 |
|
|
79,731 |
|
|
101,908 |
Retail |
|
512,529 |
|
|
555,423 |
|
|
592,892 |
|
|
641,827 |
|
|
722,347 |
Total Savings |
|
566,052 |
|
|
608,088 |
|
|
651,454 |
|
|
721,558 |
|
|
824,255 |
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
Commercial |
|
1,771,927 |
|
|
1,709,636 |
|
|
1,655,820 |
|
|
1,625,455 |
|
|
1,426,348 |
Retail |
|
1,733,505 |
|
|
1,621,618 |
|
|
1,469,142 |
|
|
1,362,390 |
|
|
1,275,721 |
Public funds |
|
202,329 |
|
|
199,775 |
|
|
189,326 |
|
|
156,052 |
|
|
157,095 |
Total Money Market |
|
3,707,761 |
|
|
3,531,029 |
|
|
3,314,288 |
|
|
3,143,897 |
|
|
2,859,164 |
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
126,668 |
|
|
142,717 |
|
|
122,347 |
|
|
307,963 |
|
|
591,503 |
Time deposits |
|
1,496,627 |
|
|
1,467,564 |
|
|
1,353,655 |
|
|
1,266,132 |
|
|
1,052,637 |
|
|
1,623,295 |
|
|
1,610,281 |
|
|
1,476,002 |
|
|
1,574,095 |
|
|
1,644,140 |
Total Deposits |
$ |
12,116,118 |
|
$ |
12,015,840 |
|
$ |
11,776,935 |
|
$ |
12,107,834 |
|
$ |
12,283,267 |
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
262,103 |
|
|
326,732 |
|
|
374,573 |
|
|
276,450 |
|
|
290,156 |
|
|
|
|
|
|
|
|
|
|
Total customer funding (1) |
$ |
12,053,216 |
|
$ |
12,199,855 |
|
$ |
12,029,161 |
|
$ |
12,076,321 |
|
$ |
11,981,920 |
|
|
|
|
|
|
|
|
|
|
(1)Total deposits and securities sold under
agreements to repurchase, excluding brokered deposits. Securities
sold under agreements to repurchase consists of customer sweep
accounts. |
Explanation of
Certain Unaudited Non-GAAP Financial Measures |
|
|
|
|
|
|
|
|
|
|
|
|
This presentation
contains financial information determined by methods other than
Generally Accepted Accounting Principles (“GAAP”). Management uses
these non-GAAP financial measures in its analysis of the Company’s
performance and believes these presentations provide useful
supplemental information, and a clearer understanding of the
Company’s performance. The Company believes the non-GAAP measures
enhance investors’ understanding of the Company’s business and
performance and if not provided would be requested by the investor
community. These measures are also useful in understanding
performance trends and facilitate comparisons with the performance
of other financial institutions. The limitations associated with
operating measures are the risk that persons might disagree as to
the appropriateness of items comprising these measures and that
different companies might define or calculate these measures
differently. The Company provides reconciliations between GAAP and
these non-GAAP measures. These disclosures should not be considered
an alternative to GAAP. |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
Quarterly Trends |
|
Six Months Ended |
(Amounts in thousands, except per share data) |
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
3Q'23 |
|
2Q'23 |
|
2Q'24
|
|
2Q'23 |
Net Income |
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
|
$ |
31,414 |
|
|
$ |
31,249 |
|
|
$ |
56,250 |
|
|
$ |
43,076 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
|
22,184 |
|
|
|
20,497 |
|
|
|
17,338 |
|
|
|
17,793 |
|
|
|
21,576 |
|
|
|
42,681 |
|
|
|
44,021 |
|
Securities losses (gains), net |
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
387 |
|
|
|
176 |
|
|
|
(185 |
) |
|
|
69 |
|
BOLI benefits on death (included in other income) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,117 |
) |
Total Adjustments to Noninterest Income |
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
387 |
|
|
|
176 |
|
|
|
(185 |
) |
|
|
(2,048 |
) |
Total Adjusted Noninterest Income |
|
22,228 |
|
|
|
20,268 |
|
|
|
19,775 |
|
|
|
18,180 |
|
|
|
21,752 |
|
|
|
42,496 |
|
|
|
41,973 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
82,537 |
|
|
|
90,371 |
|
|
|
86,367 |
|
|
|
93,915 |
|
|
|
107,865 |
|
|
|
172,908 |
|
|
|
215,340 |
|
Merger related charges: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,573 |
) |
|
|
— |
|
|
|
(5,813 |
) |
Outsourced data processing |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(10,904 |
) |
|
|
— |
|
|
|
(17,455 |
) |
Legal and professional fees |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,664 |
) |
|
|
— |
|
|
|
(6,453 |
) |
Other |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,507 |
) |
|
|
— |
|
|
|
(3,459 |
) |
Total merger related charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(15,648 |
) |
|
|
— |
|
|
|
(33,180 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Branch reductions and other expense initiatives: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
— |
|
|
|
(2,073 |
) |
|
|
— |
|
|
|
(3,201 |
) |
|
|
(462 |
) |
|
|
(2,073 |
) |
|
|
(1,081 |
) |
Outsourced data processing |
|
— |
|
|
|
(4,089 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(4,089 |
) |
|
|
— |
|
Occupancy |
|
— |
|
|
|
(771 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(771 |
) |
|
|
(774 |
) |
Other |
|
— |
|
|
|
(161 |
) |
|
|
— |
|
|
|
(104 |
) |
|
|
(109 |
) |
|
|
(161 |
) |
|
|
(7 |
) |
Total branch reductions and other expense initiatives |
|
— |
|
|
|
(7,094 |
) |
|
|
— |
|
|
|
(3,305 |
) |
|
|
(571 |
) |
|
|
(7,094 |
) |
|
|
(1,862 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustments to Noninterest Expense |
|
— |
|
|
|
(7,094 |
) |
|
|
— |
|
|
|
(3,305 |
) |
|
|
(16,219 |
) |
|
|
(7,094 |
) |
|
|
(35,042 |
) |
Adjusted Noninterest
Expense2 |
|
82,537 |
|
|
|
83,277 |
|
|
|
86,367 |
|
|
|
90,610 |
|
|
|
91,646 |
|
|
|
165,814 |
|
|
|
180,298 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
8,909 |
|
|
|
7,830 |
|
|
|
8,257 |
|
|
|
9,076 |
|
|
|
10,189 |
|
|
|
16,739 |
|
|
|
12,886 |
|
Tax effect of adjustments |
|
11 |
|
|
|
1,739 |
|
|
|
617 |
|
|
|
936 |
|
|
|
4,155 |
|
|
|
1,751 |
|
|
|
8,362 |
|
Adjusted Income Taxes |
|
8,920 |
|
|
|
9,569 |
|
|
|
8,874 |
|
|
|
10,012 |
|
|
|
14,344 |
|
|
|
18,490 |
|
|
|
21,248 |
|
Adjusted Net
Income2 |
$ |
30,277 |
|
|
$ |
31,132 |
|
|
$ |
31,363 |
|
|
$ |
34,170 |
|
|
$ |
43,489 |
|
|
$ |
61,408 |
|
|
$ |
67,708 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per diluted share, as reported |
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
0.66 |
|
|
$ |
0.52 |
|
Adjusted Earnings per Diluted Share |
|
0.36 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
0.40 |
|
|
|
0.51 |
|
|
|
0.72 |
|
|
|
0.81 |
|
Average diluted shares outstanding |
|
84,816 |
|
|
|
85,270 |
|
|
|
85,336 |
|
|
|
85,666 |
|
|
|
85,536 |
|
|
|
84,799 |
|
|
|
83,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest Expense |
$ |
82,537 |
|
|
$ |
83,277 |
|
|
$ |
86,367 |
|
|
$ |
90,610 |
|
|
$ |
91,646 |
|
|
$ |
165,814 |
|
|
$ |
180,298 |
|
Provision for credit losses on unfunded commitments |
|
(251 |
) |
|
|
(250 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(501 |
) |
|
|
(1,239 |
) |
Other real estate owned expense and net gain (loss) on sale |
|
109 |
|
|
|
26 |
|
|
|
(573 |
) |
|
|
(274 |
) |
|
|
57 |
|
|
|
135 |
|
|
|
(138 |
) |
Amortization of intangibles |
|
(6,003 |
) |
|
|
(6,292 |
) |
|
|
(6,888 |
) |
|
|
(7,457 |
) |
|
|
(7,654 |
) |
|
|
(12,295 |
) |
|
|
(14,381 |
) |
Net Adjusted Noninterest Expense |
$ |
76,392 |
|
|
$ |
76,761 |
|
|
$ |
78,906 |
|
|
$ |
82,879 |
|
|
$ |
84,049 |
|
|
$ |
153,153 |
|
|
$ |
164,540 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net adjusted noninterest expense |
$ |
76,392 |
|
|
$ |
76,761 |
|
|
$ |
78,906 |
|
|
$ |
82,879 |
|
|
$ |
84,049 |
|
|
$ |
153,153 |
|
|
$ |
165,540 |
|
Average tangible assets |
|
14,020,793 |
|
|
|
13,865,245 |
|
|
|
13,906,005 |
|
|
|
14,066,216 |
|
|
|
14,044,301 |
|
|
|
13,943,019 |
|
|
|
13,623,131 |
|
Net Adjusted Noninterest Expense to Average Tangible
Assets |
|
2.19 |
% |
|
|
2.23 |
% |
|
|
2.25 |
% |
|
|
2.34 |
% |
|
|
2.40 |
% |
|
|
2.21 |
% |
|
|
2.44 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Revenue |
$ |
126,608 |
|
|
$ |
125,575 |
|
|
$ |
128,157 |
|
|
$ |
137,099 |
|
|
$ |
148,539 |
|
|
$ |
252,183 |
|
|
$ |
302,136 |
|
Total Adjustments to Net Revenue |
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
387 |
|
|
|
176 |
|
|
|
(185 |
) |
|
|
(2,048 |
) |
Impact of FTE adjustment |
|
233 |
|
|
|
220 |
|
|
|
216 |
|
|
|
199 |
|
|
|
190 |
|
|
|
452 |
|
|
|
389 |
|
Adjusted Net Revenue on a fully taxable equivalent
basis |
$ |
126,885 |
|
|
$ |
125,566 |
|
|
$ |
130,810 |
|
|
$ |
137,685 |
|
|
$ |
148,905 |
|
|
$ |
252,450 |
|
|
$ |
300,477 |
|
Adjusted Efficiency Ratio |
|
60.21 |
% |
|
|
61.13 |
% |
|
|
60.32 |
% |
|
|
60.19 |
% |
|
|
56.44 |
% |
|
|
60.67 |
% |
|
|
54.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
$ |
104,424 |
|
|
$ |
105,078 |
|
|
$ |
110,819 |
|
|
$ |
119,306 |
|
|
$ |
126,963 |
|
|
$ |
209,502 |
|
|
$ |
258,115 |
|
Impact of FTE adjustment |
|
233 |
|
|
|
220 |
|
|
|
216 |
|
|
|
199 |
|
|
|
190 |
|
|
|
452 |
|
|
|
389 |
|
Net Interest Income including FTE adjustment |
$ |
104,657 |
|
|
$ |
105,298 |
|
|
$ |
111,035 |
|
|
$ |
119,505 |
|
|
$ |
127,153 |
|
|
$ |
209,954 |
|
|
$ |
258,504 |
|
Total noninterest income |
|
22,184 |
|
|
|
20,497 |
|
|
|
17,338 |
|
|
|
17,793 |
|
|
|
21,576 |
|
|
|
42,681 |
|
|
|
44,021 |
|
Total noninterest expense less provision for credit losses on
unfunded commitments |
|
82,286 |
|
|
|
90,121 |
|
|
|
86,367 |
|
|
|
93,915 |
|
|
|
107,865 |
|
|
|
172,407 |
|
|
|
214,101 |
|
Pre-Tax Pre-Provision Earnings |
$ |
44,555 |
|
|
$ |
35,674 |
|
|
$ |
42,006 |
|
|
$ |
43,383 |
|
|
$ |
40,864 |
|
|
$ |
80,228 |
|
|
$ |
88,424 |
|
Total Adjustments to Noninterest Income |
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
387 |
|
|
|
176 |
|
|
|
(185 |
) |
|
|
(2,048 |
) |
Total Adjustments to Noninterest Expense including other real
estate owned expense and net (gain) loss on sale |
|
(109 |
) |
|
|
7,068 |
|
|
|
573 |
|
|
|
3,579 |
|
|
|
16,162 |
|
|
|
6,959 |
|
|
|
35,180 |
|
Adjusted Pre-Tax Pre-Provision
Earnings2 |
$ |
44,490 |
|
|
$ |
42,513 |
|
|
$ |
45,016 |
|
|
$ |
47,349 |
|
|
$ |
57,202 |
|
|
$ |
87,002 |
|
|
$ |
121,556 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
14,839,707 |
|
|
$ |
14,690,776 |
|
|
$ |
14,738,034 |
|
|
$ |
14,906,003 |
|
|
$ |
14,887,289 |
|
|
$ |
14,765,241 |
|
|
$ |
14,420,227 |
|
Less average goodwill and intangible assets |
|
(818,914 |
) |
|
|
(825,531 |
) |
|
|
(832,029 |
) |
|
|
(839,787 |
) |
|
|
(842,988 |
) |
|
|
(822,222 |
) |
|
|
(797,096 |
) |
Average Tangible Assets |
$ |
14,020,793 |
|
|
$ |
13,865,245 |
|
|
$ |
13,906,005 |
|
|
$ |
14,066,216 |
|
|
$ |
14,044,301 |
|
|
$ |
13,943,019 |
|
|
$ |
13,623,131 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Assets (ROA) |
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.80 |
% |
|
|
0.84 |
% |
|
|
0.84 |
% |
|
|
0.77 |
% |
|
|
0.60 |
% |
Impact of removing average intangible assets and related
amortization |
|
0.18 |
|
|
|
0.18 |
|
|
|
0.19 |
|
|
|
0.20 |
|
|
|
0.22 |
|
|
|
0.17 |
|
|
|
0.20 |
|
Return on Average Tangible Assets (ROTA) |
|
1.00 |
|
|
|
0.89 |
|
|
|
0.99 |
|
|
|
1.04 |
|
|
|
1.06 |
|
|
|
0.94 |
|
|
|
0.80 |
|
Impact of other adjustments for Adjusted Net Income |
|
— |
|
|
|
0.15 |
|
|
|
0.05 |
|
|
|
0.08 |
|
|
|
0.35 |
|
|
|
0.08 |
|
|
|
0.36 |
|
Adjusted Return on Average Tangible Assets |
|
1.00 |
|
|
|
1.04 |
|
|
|
1.04 |
|
|
|
1.12 |
|
|
|
1.41 |
|
|
|
1.02 |
|
|
|
1.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-Tax Pre-Provision return on Average Tangible Assets |
|
1.45 |
|
|
|
1.22 |
|
|
|
1.39 |
|
|
|
1.43 |
|
|
|
1.39 |
|
|
|
1.33 |
|
|
|
1.52 |
|
Impact of adjustments on Pre-Tax Pre-Provision earnings |
|
— |
|
|
|
0.20 |
|
|
|
0.09 |
|
|
|
0.12 |
|
|
|
0.46 |
|
|
|
0.10 |
|
|
|
0.49 |
|
Adjusted Pre-Tax Pre-Provision Return on Tangible
Assets2 |
|
1.45 |
% |
|
|
1.42 |
% |
|
|
1.48 |
% |
|
|
1.55 |
% |
|
|
1.85 |
% |
|
|
1.43 |
% |
|
|
2.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Shareholders' Equity |
$ |
2,117,628 |
|
|
$ |
2,118,381 |
|
|
$ |
2,058,912 |
|
|
$ |
2,072,747 |
|
|
$ |
2,070,529 |
|
|
$ |
2,118,005 |
|
|
$ |
1,984,264 |
|
Less average goodwill and intangible assets |
|
(818,914 |
) |
|
|
(825,531 |
) |
|
|
(832,029 |
) |
|
|
(839,787 |
) |
|
|
(842,988 |
) |
|
|
(822,222 |
) |
|
|
(797,096 |
) |
Average Tangible Equity |
$ |
1,298,714 |
|
|
$ |
1,292,850 |
|
|
$ |
1,226,883 |
|
|
$ |
1,232,960 |
|
|
$ |
1,227,541 |
|
|
$ |
1,295,783 |
|
|
$ |
1,187,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on Average Shareholders' Equity |
|
5.74 |
% |
|
|
4.94 |
% |
|
|
5.69 |
% |
|
|
6.01 |
% |
|
|
6.05 |
% |
|
|
5.34 |
% |
|
|
4.38 |
% |
Impact of removing average intangible assets and related
amortization |
|
5.01 |
|
|
|
4.61 |
|
|
|
5.53 |
|
|
|
5.89 |
|
|
|
6.03 |
|
|
|
4.81 |
|
|
|
4.76 |
|
Return on Average Tangible Common Equity
(ROTCE) |
|
10.75 |
|
|
|
9.55 |
|
|
|
11.22 |
|
|
|
11.90 |
|
|
|
12.08 |
|
|
|
10.15 |
|
|
|
9.14 |
|
Impact of other adjustments for Adjusted Net Income |
|
0.01 |
|
|
|
1.60 |
|
|
|
0.58 |
|
|
|
0.89 |
|
|
|
4.00 |
|
|
|
0.80 |
|
|
|
4.18 |
|
Adjusted Return on Average Tangible Common
Equity |
|
10.76 |
% |
|
|
11.15 |
% |
|
|
11.80 |
% |
|
|
12.79 |
% |
|
|
16.08 |
% |
|
|
10.95 |
% |
|
|
13.32 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
147,518 |
|
|
$ |
147,308 |
|
|
$ |
148,004 |
|
|
$ |
150,048 |
|
|
$ |
148,432 |
|
|
$ |
294,826 |
|
|
$ |
283,773 |
|
Accretion on acquired loans |
|
(10,178 |
) |
|
|
(10,595 |
) |
|
|
(11,324 |
) |
|
|
(14,843 |
) |
|
|
(14,580 |
) |
|
|
(20,773 |
) |
|
|
(30,522 |
) |
Loan interest income excluding accretion on acquired
loans |
$ |
137,340 |
|
|
$ |
136,713 |
|
|
$ |
136,680 |
|
|
$ |
135,205 |
|
|
$ |
133,852 |
|
|
$ |
274,053 |
|
|
$ |
253,251 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yield on loans1 |
|
5.93 |
|
|
|
5.90 |
|
|
|
5.85 |
|
|
|
5.93 |
|
|
|
5.89 |
|
|
|
5.92 |
|
|
|
5.88 |
|
Impact of accretion on acquired loans |
|
(0.41 |
) |
|
|
(0.42 |
) |
|
|
(0.45 |
) |
|
|
(0.59 |
) |
|
|
(0.58 |
) |
|
|
(0.42 |
) |
|
|
(0.64 |
) |
Yield on loans excluding accretion on acquired
loans |
|
5.52 |
% |
|
|
5.48 |
% |
|
|
5.40 |
% |
|
|
5.34 |
% |
|
|
5.31 |
% |
|
|
5.50 |
% |
|
|
5.24 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
104,657 |
|
|
$ |
105,298 |
|
|
$ |
111,035 |
|
|
$ |
119,505 |
|
|
$ |
127,153 |
|
|
$ |
209,954 |
|
|
$ |
258,504 |
|
Accretion on acquired loans |
|
(10,178 |
) |
|
|
(10,595 |
) |
|
|
(11,324 |
) |
|
|
(14,843 |
) |
|
|
(14,580 |
) |
|
|
(20,773 |
) |
|
|
(30,522 |
) |
Net interest income excluding accretion on acquired
loans |
$ |
94,479 |
|
|
$ |
94,703 |
|
|
$ |
99,711 |
|
|
$ |
104,662 |
|
|
$ |
112,573 |
|
|
$ |
189,181 |
|
|
$ |
227,982 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
3.18 |
|
|
|
3.24 |
|
|
|
3.36 |
|
|
|
3.57 |
|
|
|
3.86 |
|
|
|
3.21 |
|
|
|
4.09 |
|
Impact of accretion on acquired loans |
|
(0.30 |
) |
|
|
(0.33 |
) |
|
|
(0.34 |
) |
|
|
(0.44 |
) |
|
|
(0.44 |
) |
|
|
(0.31 |
) |
|
|
(0.49 |
) |
Net interest margin excluding accretion on acquired
loans |
|
2.87 |
% |
|
|
2.91 |
% |
|
|
3.02 |
% |
|
|
3.13 |
% |
|
|
3.42 |
% |
|
|
2.89 |
% |
|
|
3.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Security interest income1 |
$ |
24,195 |
|
|
$ |
22,434 |
|
|
$ |
21,451 |
|
|
$ |
21,520 |
|
|
$ |
21,018 |
|
|
$ |
46,629 |
|
|
$ |
40,393 |
|
Tax equivalent adjustment on securities |
|
(7 |
) |
|
|
(7 |
) |
|
|
(13 |
) |
|
|
(22 |
) |
|
|
(23 |
) |
|
|
(14 |
) |
|
|
(49 |
) |
Security interest income excluding tax equivalent
adjustment |
$ |
24,188 |
|
|
$ |
22,427 |
|
|
$ |
21,438 |
|
|
$ |
21,498 |
|
|
$ |
20,995 |
|
|
$ |
46,615 |
|
|
$ |
40,344 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
147,518 |
|
|
$ |
147,308 |
|
|
$ |
148,004 |
|
|
$ |
150,048 |
|
|
$ |
148,432 |
|
|
$ |
294,825 |
|
|
$ |
283,773 |
|
Tax equivalent adjustment on loans |
|
(226 |
) |
|
|
(213 |
) |
|
|
(203 |
) |
|
|
(177 |
) |
|
|
(167 |
) |
|
|
(438 |
) |
|
|
(340 |
) |
Loan interest income excluding tax equivalent
adjustment |
$ |
147,292 |
|
|
$ |
147,095 |
|
|
$ |
147,801 |
|
|
$ |
149,871 |
|
|
$ |
148,265 |
|
|
$ |
294,387 |
|
|
$ |
283,433 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
104,657 |
|
|
$ |
105,298 |
|
|
$ |
111,035 |
|
|
$ |
119,505 |
|
|
$ |
127,153 |
|
|
$ |
209,954 |
|
|
$ |
258,504 |
|
Tax equivalent adjustment on securities |
|
(7 |
) |
|
|
(7 |
) |
|
|
(13 |
) |
|
|
(22 |
) |
|
|
(23 |
) |
|
|
(14 |
) |
|
|
(49 |
) |
Tax equivalent adjustment on loans |
|
(226 |
) |
|
|
(213 |
) |
|
|
(203 |
) |
|
|
(177 |
) |
|
|
(167 |
) |
|
|
(438 |
) |
|
|
(340 |
) |
Net interest income excluding tax equivalent
adjustment |
$ |
104,424 |
|
|
$ |
105,078 |
|
|
$ |
110,819 |
|
|
$ |
119,306 |
|
|
$ |
126,963 |
|
|
$ |
209,502 |
|
|
$ |
258,115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On a fully taxable equivalent basis. All
yields and rates have been computed using amortized cost. |
2 As of 1Q’24, amortization of intangibles
is excluded from adjustments to noninterest expense; prior periods
have been updated to reflect the change. |
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Seacoast Banking Corpora... (NASDAQ:SBCF)
過去 株価チャート
から 6 2024 まで 7 2024
Seacoast Banking Corpora... (NASDAQ:SBCF)
過去 株価チャート
から 7 2023 まで 7 2024