Seacoast Reports Fourth Quarter and Full Year 2024 Results
Seacoast Banking of Florida (NASDAQ: SBCF) reported strong Q4 2024 results with net income of $34.1 million ($0.40 per diluted share), up from $30.7 million in Q3 2024. The company's full-year 2024 net income reached $121.0 million ($1.42 per diluted share), compared to $104.0 million in 2023.
Key highlights include a 22 basis point expansion in net interest margin to 3.39% and adjusted net income of $40.6 million ($0.48 per diluted share) for Q4 2024. Net revenues increased to $132.9 million, up 2% from the previous quarter. The company maintained strong capital position with a tangible common equity ratio of 9.6% and a loan-to-deposit ratio of 84%.
Total loans increased by $94.7 million with loan originations up 37% to $902.6 million in Q4. Total deposits remained stable at $12.2 billion, with customer transaction accounts representing 50% of total deposits.
Seacoast Banking of Florida (NASDAQ: SBCF) ha riportato risultati solidi per il Q4 2024 con un utile netto di 34,1 milioni di dollari (0,40 dollari per azione diluita), in aumento rispetto ai 30,7 milioni di dollari del Q3 2024. L'utile netto complessivo per il 2024 ha raggiunto 121,0 milioni di dollari (1,42 dollari per azione diluita), rispetto ai 104,0 milioni di dollari nel 2023.
I punti salienti includono un allargamento di 22 punti base nel margine di interesse netto, portandolo al 3,39% e un utile netto rettificato di 40,6 milioni di dollari (0,48 dollari per azione diluita) per il Q4 2024. I ricavi netti sono aumentati a 132,9 milioni di dollari, con un incremento del 2% rispetto al trimestre precedente. L'azienda ha mantenuto una forte posizione patrimoniale con un rapporto di capitale tangibile comune del 9,6% e un rapporto prestiti-depositi dell'84%.
Il totale dei prestiti è aumentato di 94,7 milioni di dollari, con le originazioni di prestiti in crescita del 37% fino a raggiungere 902,6 milioni di dollari nel Q4. I depositi totali sono rimasti stabili a 12,2 miliardi di dollari, con i conti transazionali dei clienti che rappresentano il 50% dei depositi totali.
Seacoast Banking of Florida (NASDAQ: SBCF) reportó resultados sólidos para el Q4 2024 con un ingreso neto de 34,1 millones de dólares (0,40 dólares por acción diluida), en comparación con 30,7 millones de dólares en el Q3 2024. El ingreso neto total del año 2024 alcanzó los 121,0 millones de dólares (1,42 dólares por acción diluida), en comparación con los 104,0 millones de dólares en 2023.
Los aspectos destacados incluyen una expansión de 22 puntos básicos en el margen de interés neto al 3,39% y un ingreso neto ajustado de 40,6 millones de dólares (0,48 dólares por acción diluida) para el Q4 2024. Los ingresos netos aumentaron a 132,9 millones de dólares, un 2% más que el trimestre anterior. La compañía mantuvo una sólida posición de capital con un ratio de capital común tangible del 9,6% y un ratio de préstamos a depósitos del 84%.
El total de préstamos aumentó en 94,7 millones de dólares, con un incremento del 37% en las originaciones de préstamos, alcanzando los 902,6 millones de dólares en el Q4. Los depósitos totales se mantuvieron estables en 12,2 mil millones de dólares, con cuentas transaccionales de clientes que representan el 50% de los depósitos totales.
Seacoast Banking of Florida (NASDAQ: SBCF)는 Q4 2024에 3,410만 달러 (희석 주당 0.40 달러)의 순이익을 보고하며, 이는 Q3 2024의 3,070만 달러에서 증가한 수치입니다. 이 회사의 2024년 전체 순이익은 1억 2,100만 달러 (희석 주당 1.42 달러)에 달하며, 이는 2023년의 1억 4백만 달러와 비교됩니다.
주요 하이라이트로는 순이자 마진이 3.39%로 22베이시스 포인트 확장되었습니다는 것과 Q4 2024에 조정된 순이익이 4,060만 달러 (희석 주당 0.48 달러)에 이르렀습니다. 순수익은 1억 3,290만 달러로 증가했으며, 이는 이전 분기보다 2% 증가한 수치입니다. 회사는 9.6%의 유동자산 비율과 84%의 대출대비 예금 비율로 강력한 자본 위치를 유지했습니다.
총 대출은 9,470만 달러 증가하였고, Q4에서 대출 기원이 37% 증가하여 9억 2,600만 달러에 도달했습니다. 총 예금은 1,220억 달러로 안정세를 유지하며, 고객 거래계좌가 총 예금의 50%를 차지하고 있습니다.
Seacoast Banking of Florida (NASDAQ: SBCF) a rapporté de solides résultats pour le Q4 2024, avec un bénéfice net de 34,1 millions de dollars (0,40 dollars par action diluée), en hausse par rapport à 30,7 millions de dollars au Q3 2024. Le bénéficie net total de l'entreprise pour l'année 2024 a atteint 121,0 millions de dollars (1,42 dollars par action diluée), contre 104,0 millions de dollars en 2023.
Les points forts incluent une expansion de 22 points de base de la marge d'intérêt net à 3,39% et un bénéfice net ajusté de 40,6 millions de dollars (0,48 dollars par action diluée) pour le Q4 2024. Les revenus nets ont augmenté pour atteindre 132,9 millions de dollars, soit une hausse de 2% par rapport au trimestre précédent. L'entreprise a maintenu une solide position en capital avec un ratio d'équité tangible commune de 9,6% et un ratio de prêts sur dépôts de 84%.
Le montant total des prêts a augmenté de 94,7 millions de dollars, avec des origines de prêts en hausse de 37%, atteignant 902,6 millions de dollars au Q4. Le total des dépôts est resté stable à 12,2 milliards de dollars, les comptes de transaction des clients représentant 50% des dépôts totaux.
Seacoast Banking of Florida (NASDAQ: SBCF) meldete starke Ergebnisse für das Q4 2024 mit einem Nettoergebnis von 34,1 Millionen Dollar (0,40 Dollar pro verwässerter Aktie), ein Anstieg von 30,7 Millionen Dollar im Q3 2024. Das Nettoergebnis des Unternehmens für das Gesamtjahr 2024 erreichte 121,0 Millionen Dollar (1,42 Dollar pro verwässerter Aktie), verglichen mit 104,0 Millionen Dollar im Jahr 2023.
Wichtige Highlights umfassen eine Erweiterung der Nettomarge um 22 Basispunkte auf 3,39% und ein bereinigtes Nettoergebnis von 40,6 Millionen Dollar (0,48 Dollar pro verwässerter Aktie) für das Q4 2024. Die Nettoerträge stiegen auf 132,9 Millionen Dollar und erhöhten sich um 2% im Vergleich zum Vorquartal. Das Unternehmen hielt eine starke Kapitalposition mit einem Verhältnis des Eigenkapitals von 9,6% und einem Kredit-zu-Einlagen-Verhältnis von 84% aufrecht.
Die Gesamtkredite stiegen um 94,7 Millionen Dollar, wobei die Kreditvergabe im Q4 um 37% auf 902,6 Millionen Dollar anstieg. Die Gesamteinlagen blieben stabil bei 12,2 Milliarden Dollar, wobei die Transaktionskonten der Kunden 50% der Gesamteinlagen ausmachten.
- Net income increased to $34.1M in Q4 2024, up from $30.7M in Q3 2024
- Net interest margin expanded by 22 basis points to 3.39%
- Loan originations increased 37% to $902.6M in Q4
- Cost of deposits declined 26 basis points to 2.08% in Q4
- Assets under management increased $341.7M (20%) to $2.1B in 2024
- Full-year adjusted net income slightly decreased to $132.5M in 2024 from $133.2M in 2023
- Net revenues for 2024 decreased 9% to $515.4M compared to 2023
- Nonperforming loans increased to $92.4M from $80.9M in Q3 2024
- $8.0M loss on repositioning of available-for-sale securities portfolio
Insights
Seacoast delivered a compelling fourth quarter performance marked by strategic execution and balance sheet optimization. The expansion of net interest margin to
The bank's deposit quality metrics are particularly noteworthy, with uninsured deposits at just
The strategic repositioning of
Asset quality metrics remain solid despite a modest increase in nonperforming loans, with the ratio of criticized and classified loans improving to
Fourth Quarter 2024 Net Interest Margin Expands 22 Basis Points to
Well-Positioned Balance Sheet with Strong Capital and Liquidity
Adjusted net income1 for the fourth quarter of 2024 was
Pre-tax pre-provision earnings1 were
For the fourth quarter of 2024, return on average tangible assets was
Charles M. Shaffer, Seacoast's Chairman and CEO, said, "Our Seacoast associates weathered the impacts of two successive hurricanes to deliver remarkable revenue growth, record loan production, and a
Shaffer added, "We advanced several key initiatives this year including the expansion of our commercial lending team and treasury deposit products that will support the next phase of growth for Seacoast. With a tangible common equity ratio of
Shaffer concluded, "The Seacoast team remains unwavering to our core tenets of maintaining a fortress balance sheet and building one of the best, granular customer deposit franchises in the country."
Financial Results
Income Statement
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Net income in the fourth quarter of 2024 was
, or$34.1 million per diluted share, compared to$0.40 , or$30.7 million per diluted share in the prior quarter and$0.36 , or$29.5 million per diluted share in the prior year quarter. For the year ended December 31, 2024, net income was$0.35 , or$121.0 million per diluted share, compared to$1.42 , or$104.0 million per diluted share, for the year ended December 31, 2023. Adjusted net income1 for the fourth quarter of 2024 was$1.23 , or$40.6 million per diluted share, compared to$0.48 , or$30.5 million per diluted share, for the prior quarter, and$0.36 , or$31.4 million per diluted share, for the prior year quarter. For the year ended December 31, 2024, adjusted net income1 was$0.37 , or$132.5 million per diluted share, compared to$1.56 , or$133.2 million per diluted share, for the year ended December 31, 2023.$1.58 -
Net revenues were
in the fourth quarter of 2024, an increase of$132.9 million , or$2.5 million 2% , compared to the prior quarter, and an increase of , or$4.7 million 4% , compared to the prior year quarter. For the year ended December 31, 2024, net revenues were , a decrease of$515.4 million , or$52.0 million 9% , compared to the year ended December 31, 2023. Adjusted net revenues1 were in the fourth quarter of 2024, an increase of$141.6 million , or$11.1 million 9% , compared to the prior quarter, and an increase of , or$10.8 million 8% , compared to the prior year quarter. For the year ended December 31, 2024, adjusted net revenues1 were , a decrease of$524.5 million , or$44.5 million 8% , compared to the year ended December 31, 2023. -
Pre-tax pre-provision earnings1 were
in the fourth quarter of 2024, an increase of$47.9 million , or$1.8 million 4% , compared to the third quarter of 2024 and an increase of , or$5.9 million 14% , compared to the fourth quarter of 2023. For the year ended December 31, 2024, pre-tax pre-provision earnings1 were , an increase of$174.2 million , or$0.4 million 0.2% , compared to the year ended December 31, 2023. Adjusted pre-tax pre-provision earnings1 were in the fourth quarter of 2024, an increase of$56.6 million , or$10.2 million 22% , compared to the third quarter of 2024 and an increase of , or$11.6 million 26% , compared to the fourth quarter of 2023. For the year ended December 31, 2024, adjusted pre-tax pre-provision earnings1 were , a decrease of$190.0 million , or$23.9 million 11% , compared to the year ended December 31, 2023. -
Net interest income totaled
in the fourth quarter of 2024, an increase of$115.8 million , or$9.1 million 9% , compared to the prior quarter, and an increase of , or$5.0 million 4% , compared to the prior year quarter. For the year ended December 31, 2024, net interest income was , a decrease of$432.0 million , or$56.3 million 12% , compared to the year ended December 31, 2023. The increase in the fourth quarter of 2024 was largely driven by a 26 basis point decline in the cost of deposits. Included in loan interest income was accretion on acquired loans of in the fourth quarter of 2024,$11.7 million in the third quarter of 2024, and$9.2 million in the fourth quarter of 2023. For the year ended December 31, 2024, accretion on acquired loans totaled$11.3 million , compared to$41.7 million for the year ended December 31, 2023.$56.7 million -
Net interest margin increased 22 basis points to
3.39% in the fourth quarter of 2024 compared to3.17% in the third quarter of 2024. Excluding the effects of accretion on acquired loans, net interest margin expanded 15 basis points to3.05% in the fourth quarter of 2024 compared to2.90% in the third quarter of 2024. Loan yields were5.93% , a decrease of one basis point from the prior quarter. Securities yields increased two basis points to3.77% , compared to3.75% in the prior quarter. The cost of deposits declined 26 basis points from2.34% in the prior quarter, to2.08% in the fourth quarter of 2024. Lower interest expense on deposits reflects the impact of recent cuts to the Federal Funds rate. -
Noninterest income totaled
in the fourth quarter of 2024, a decrease of$17.1 million , or$6.6 million 28% , compared to the prior quarter, and a decrease of , or$0.3 million 2% , compared to the prior year quarter. For the year ended December 31, 2024, noninterest income totaled , an increase of$83.4 million , or$4.3 million 5% , compared to the year ended December 31, 2023. Results for the fourth quarter of 2024 included an loss on the repositioning of a portion of the available-for-sale securities portfolio. Securities with an average book yield of$8.0 million 2.8% were sold, and the proceeds of approximately were reinvested in agency mortgage-backed securities with an average book yield of$113 million 5.4% , for an estimated earnback of less than three years. Other changes compared to the third quarter of 2024 included the following:-
Service charges on deposits totaled
, a decrease of$5.1 million , or$0.3 million 5% , from the prior quarter and an increase of , or$0.3 million 6% , from the prior year quarter. The fourth quarter of 2024 was modestly impacted by hurricane-related fee waivers, while our investments in talent and significant market expansion across the state have resulted in continued growth in treasury management services to commercial customers compared to the prior year. -
Wealth management income totaled
, an increase of$4.0 million , or$0.2 million 5% , from the prior quarter and an increase of , or$0.8 million 23% , from the prior year quarter. During 2024, assets under management increased , or$341.7 million 20% , reaching at December 31, 2024.$2.1 billion -
Insurance agency income totaled
, a decrease of$1.2 million 18% from the prior quarter, reflecting typical fourth quarter seasonality, and an increase of8% from the prior year quarter. For the full year 2024, insurance agency income totaled , an increase of$5.2 million , or$0.7 million 15% , from the prior year. -
Other income totaled
, an increase of$10.3 million , or$2.5 million 31% , from the prior quarter and an increase of , or$4.7 million 85% from the prior year quarter. Fourth quarter 2024 results include gains on SBIC investments and gains on the sale of two nonperforming commercial real estate loans.
-
Service charges on deposits totaled
-
The provision for credit losses was
in the fourth quarter of 2024, compared to$3.7 million in the third quarter of 2024 and$6.3 million in the fourth quarter of 2023. In the fourth quarter of 2024, no hurricane-related adjustment to the allowance for credit losses was determined to be necessary.$4.0 million -
Noninterest expense was
in the fourth quarter of 2024, an increase of$85.6 million , or$0.8 million 1% , compared to the prior quarter, and a decrease of , or$0.8 million 1% , compared to the prior year quarter. Noninterest expense for the year ended December 31, 2024, totaled , a decrease of$343.3 million , or$52.3 million 13% , compared to the year ended December 31, 2023. Seacoast has prudently managed expenses while strategically investing to support continued growth. Results in the fourth quarter of 2024 included:-
Salaries and wages totaled
, an increase of$42.4 million , or$1.7 million 4% , compared to the prior quarter and an increase of , or$3.9 million 10% , from the prior year quarter, reflecting continued onboarding of banking teams and talent across our footprint. -
Employee benefits totaled
, a decrease of$6.5 million , or$0.4 million 6% , compared to the prior quarter and a decrease of , or$0.1 million 2% , from the prior year quarter. The decrease from the prior quarter is due to seasonally lower 401(k) and payroll tax expense. -
Outsourced data processing costs totaled
, an increase of$8.3 million , or$0.3 million 4% , compared to the prior quarter and a decrease of , or$0.3 million 4% , from the prior year quarter. Higher customer transaction volume contributed to the increase over the prior quarter. -
Occupancy costs totaled
, an increase of$7.2 million , or$0.1 million 2% , compared to the prior quarter and a decrease of , or$0.3 million 4% , from the prior year quarter. The fourth quarter of 2024 included in preparation and recovery costs related to Hurricane Milton.$0.2 million -
Marketing expenses totaled
, reflecting a decrease of$2.1 million , or$0.6 million 22% , compared to the prior quarter and a decrease of , or$0.9 million 29% , from the prior year quarter, primarily associated with the timing of various campaigns. We will continue to invest in marketing and branding supporting customer growth initiatives. -
Legal and professional fees totaled
, an increase of$2.8 million , or$0.1 million 4% , compared to the prior quarter and a decrease of , or$0.5 million 15% , from the prior year quarter.
-
Salaries and wages totaled
-
Seacoast recorded
of income tax expense in the fourth quarter of 2024, compared to$9.5 million in the third quarter of 2024, and$8.6 million in the fourth quarter of 2023. Tax expense related to stock-based compensation totaled$8.3 million in the fourth quarter of 2024, compared to tax benefit of$0.2 million in the third quarter of 2024 and a tax benefit of$0.1 million in the fourth quarter of 2023.$0.6 million -
The efficiency ratio was
56.26% in the fourth quarter of 2024, benefiting from lower deposit costs and higher revenues, compared to59.84% in the third quarter of 2024 and60.32% in the prior year quarter. The adjusted efficiency ratio1 was56.07% in the fourth quarter of 2024, compared to59.84% in the third quarter of 2024 and60.32% in the prior year quarter. The efficiency ratio for the year ended December 31, 2024 was60.63% compared to63.86% for the year ended December 31, 2023. The adjusted efficiency ratio1 for the year ended December 31, 2024 was59.22% compared to57.35% for the year ended December 31, 2023. The Company continues to remain keenly focused on disciplined expense control, while making investments for growth.
Balance Sheet
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At December 31, 2024, the Company had total assets of
and total shareholders' equity of$15.2 billion . Book value per share was$2.2 billion as of December 31, 2024, compared to$25.51 as of September 30, 2024, and$25.68 as of December 31, 2023. Tangible book value per share was$24.84 as of December 31, 2024, compared to$16.12 as of September 30, 2024, and$16.20 as of December 31, 2023. The decline in the value of the available-for-sale securities portfolio driven by rising longer term interest rates negatively impacted tangible book value per share by$15.08 during the fourth quarter of 2024.$0.38 -
Debt securities totaled
as of December 31, 2024, an increase of$2.9 billion compared to September 30, 2024. Debt securities include approximately$55.6 million 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$2.2 billion in securities classified as held-to-maturity with a fair value of$635.2 million . Held-to-maturity securities consist solely of mortgage-backed securities and collateralized mortgage obligations guaranteed by$507.6 million 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
, or$94.7 million 3.7% annualized, totaling as of December 31, 2024. Loan originations increased$10.3 billion 37% to in the fourth quarter of 2024, compared to$902.6 million in the third quarter of 2024. Gross production during the fourth quarter of 2024 was offset by elevated payoffs, the sale of two nonperforming commercial real estate loans totaling$657.9 million in aggregate, and the transfer to held-for-sale of$19.0 million in consumer loans previously acquired through bank acquisitions (the “consumer fintech loans”). The Company continues to exercise a disciplined approach to lending and is benefiting from the investments made in recent years to attract talent from large regional banks across its markets. This talent is onboarding significant new relationships, resulting in increased loan production.$20.0 million -
Loan pipelines (loans in underwriting and approval or approved and not yet closed) totaled
as of December 31, 2024, compared to$693.3 million at September 30, 2024 and$831.1 million at December 31, 2023.$393.0 million -
Commercial pipelines were
as of December 31, 2024, compared to$605.4 million at September 30, 2024, and$744.5 million at December 31, 2023.$306.5 million -
SBA pipelines were
as of December 31, 2024, compared to$28.8 million at September 30, 2024, and$28.9 million at December 31, 2023.$20.6 million -
Residential saleable pipelines were
as of December 31, 2024, compared to$6.7 million at September 30, 2024, and$11.2 million at December 31, 2023. Retained residential pipelines were$2.7 million as of December 31, 2024, compared to$35.1 million at September 30, 2024, and$21.9 million at December 31, 2023.$44.4 million -
Consumer pipelines were
as of December 31, 2024, compared to$17.4 million at September 30, 2024 and$24.4 million at December 31, 2023.$18.7 million
-
Commercial pipelines were
-
Total deposits were
as of December 31, 2024, near flat when compared to September 30, 2024.$12.2 billion -
At December 31, 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
at December 31, 2024, compared to$159 million at December 31, 2023.$153 million -
Uninsured deposits represented only
36% of overall deposit accounts as of December 31, 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 were30% of total deposits. The Company has liquidity sources including cash and lines of credit with the Federal Reserve and Federal Home Loan Bank that represent138% of uninsured deposits, and167% of uninsured and uncollateralized deposits. -
Consumer deposits represent
41% of overall deposit funding with an average consumer customer balance of . Commercial deposits represent$25 thousand 59% of overall deposit funding with an average business customer balance of .$112 thousand
-
At December 31, 2024, customer transaction account balances represented
-
Federal Home Loan Bank advances totaled
at December 31, 2024 with a weighted average interest rate of$245.0 million 4.19% .
Asset Quality
-
The ratio of criticized and classified loans to total loans decreased to
2.17% at December 31, 2024 from2.59% at September 30, 2024 and from2.32% at December 31, 2023, benefiting from the strategic sale of two nonperforming commercial real estate loans. -
Nonperforming loans were
at December 31, 2024, compared to$92.4 million at September 30, 2024, and$80.9 million at December 31, 2023. New nonperforming loans in the fourth quarter of 2024 have collateral values well in excess of balances outstanding, and therefore, no loss is expected. Nonperforming loans to total loans outstanding were$65.1 million 0.90% at December 31, 2024,0.79% at September 30, 2024, and0.65% at December 31, 2023. -
Accruing past due loans were
, or$15.6 million 0.15% of total loans, at December 31, 2024, compared to , or$50.7 million 0.50% of total loans, at September 30, 2024, and , or$30.5 million 0.30% of total loans, at December 31, 2023. -
Nonperforming assets to total assets were
0.65% at December 31, 2024, compared to0.58% at September 30, 2024, and0.50% at December 31, 2023. -
The ratio of allowance for credit losses to total loans was
1.34% at December 31, 2024,1.38% at September 30, 2024, and1.48% at December 31, 2023. -
Net charge-offs were
in the fourth quarter of 2024, compared to$6.1 million in the third quarter of 2024 and$7.4 million in the fourth quarter of 2023. During the fourth quarter of 2024, the Company entered into arrangements to sell approximately$4.7 million in consumer fintech loans and, as a result, charged down these loans by$20.0 million .$3.0 million -
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
, and the average commercial loan size is$383 thousand , reflecting an ability to maintain granularity within the overall loan portfolio.$814 thousand -
Construction and land development and commercial real estate loans remain well below regulatory guidance as of December 31, 2024 at
38% and237% of total bank-level risk-based capital2, respectively, compared to36% and241% , respectively, at September 30, 2024. On a consolidated basis and as of December 31, 2024, construction and land development and commercial real estate loans represent36% and224% , respectively, of total consolidated risk-based capital2.
Capital and Liquidity
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The Company continues to operate with a fortress balance sheet, with a Tier 1 capital ratio at December 31, 2024 of
14.8% 2 compared to14.8% at September 30, 2024, and14.0% at December 31, 2023. The Total capital ratio was16.2% 2, the Common Equity Tier 1 capital ratio was14.2% 2, and the Tier 1 leverage ratio was11.2% 2 at December 31, 2024. The Company is considered “well capitalized” based on applicableU.S. regulatory capital ratio requirements. -
Cash and cash equivalents at December 31, 2024 totaled
.$476.6 million -
The Company’s loan to deposit ratio was
84.27% at December 31, 2024, which should continue to provide liquidity and flexibility moving forward. -
Tangible common equity to tangible assets was
9.60% at December 31, 2024, compared to9.64% at September 30, 2024, and9.31% at December 31, 2023. If all held-to-maturity securities were adjusted to fair value, the tangible common equity ratio would have been8.96% at December 31, 2024. -
At December 31, 2024, in addition to
in cash, the Company had$476.6 million in available borrowing capacity, including$5.6 billion in available collateralized lines of credit,$4.0 billion of unpledged debt securities available as collateral for potential additional borrowings, and available unsecured lines of credit of$1.3 billion . These liquidity sources as of December 31, 2024, represented$0.3 billion 167% of uninsured and uncollateralized deposits.
1 |
Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and for a reconciliation to GAAP. |
2 |
Estimated |
FINANCIAL HIGHLIGHTS |
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Selected balance sheet data: |
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Gross loans |
$ |
10,299,950 |
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$ |
10,205,281 |
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$ |
10,038,508 |
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$ |
9,978,052 |
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$ |
10,062,940 |
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Total deposits |
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12,242,427 |
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12,243,585 |
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|
|
12,116,118 |
|
|
|
12,015,840 |
|
|
|
11,776,935 |
|
Total assets |
|
15,176,307 |
|
|
|
15,168,371 |
|
|
|
14,952,613 |
|
|
|
14,830,015 |
|
|
|
14,580,249 |
|
Performance measures: |
|
|
|
|
|
|
|
|
|
||||||||||
Net income |
$ |
34,085 |
|
|
$ |
30,651 |
|
|
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
Net interest margin |
|
3.39 |
% |
|
|
3.17 |
% |
|
|
3.18 |
% |
|
|
3.24 |
% |
|
|
3.36 |
% |
Pre-tax pre-provision earnings1 |
$ |
47,858 |
|
|
$ |
46,086 |
|
|
$ |
44,555 |
|
|
$ |
35,674 |
|
|
$ |
42,006 |
|
Average diluted shares outstanding |
|
85,302 |
|
|
|
85,069 |
|
|
|
84,816 |
|
|
|
85,270 |
|
|
|
85,336 |
|
Diluted earnings per share (EPS) |
|
0.40 |
|
|
|
0.36 |
|
|
|
0.36 |
|
|
|
0.31 |
|
|
|
0.35 |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
||||||||||
Average assets (ROA) |
|
0.89 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.80 |
% |
Average tangible assets (ROTA)2 |
|
1.06 |
|
|
|
0.99 |
|
|
|
1.00 |
|
|
|
0.89 |
|
|
|
0.99 |
|
Average tangible common equity (ROTCE)2 |
|
10.90 |
|
|
|
10.31 |
|
|
|
10.75 |
|
|
|
9.55 |
|
|
|
11.22 |
|
Tangible common equity to tangible assets2 |
|
9.60 |
|
|
|
9.64 |
|
|
|
9.30 |
|
|
|
9.25 |
|
|
|
9.31 |
|
Tangible book value per share2 |
$ |
16.12 |
|
|
$ |
16.20 |
|
|
$ |
15.41 |
|
|
$ |
15.26 |
|
|
$ |
15.08 |
|
Efficiency ratio |
|
56.26 |
% |
|
|
59.84 |
% |
|
|
60.21 |
% |
|
|
66.78 |
% |
|
|
60.32 |
% |
Adjusted operating measures1: |
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted net income4 |
$ |
40,556 |
|
|
$ |
30,511 |
|
|
$ |
30,277 |
|
|
$ |
31,132 |
|
|
$ |
31,363 |
|
Adjusted pre-tax pre-provision earnings4 |
|
56,610 |
|
|
|
46,390 |
|
|
|
44,490 |
|
|
|
42,513 |
|
|
|
45,016 |
|
Adjusted diluted EPS4 |
|
0.48 |
|
|
|
0.36 |
|
|
|
0.36 |
|
|
|
0.37 |
|
|
|
0.37 |
|
Adjusted ROTA2 |
|
1.24 |
% |
|
|
0.98 |
% |
|
|
1.00 |
% |
|
|
1.04 |
% |
|
|
1.04 |
% |
Adjusted ROTCE2 |
|
12.74 |
|
|
|
10.27 |
|
|
|
10.76 |
|
|
|
11.15 |
|
|
|
11.80 |
|
Adjusted efficiency ratio |
|
56.07 |
|
|
|
59.84 |
|
|
|
60.21 |
|
|
|
61.13 |
|
|
|
60.32 |
|
Net adjusted noninterest expense as a percent of average tangible assets2 |
|
2.19 |
% |
|
|
2.19 |
% |
|
|
2.19 |
% |
|
|
2.23 |
% |
|
|
2.25 |
% |
Other data: |
|
|
|
|
|
|
|
|
|
||||||||||
Market capitalization3 |
$ |
2,355,679 |
|
|
$ |
2,277,003 |
|
|
$ |
2,016,472 |
|
|
$ |
2,156,529 |
|
|
$ |
2,415,158 |
|
Full-time equivalent employees |
|
1,504 |
|
|
|
1,493 |
|
|
|
1,449 |
|
|
|
1,445 |
|
|
|
1,541 |
|
Number of ATMs |
|
96 |
|
|
|
96 |
|
|
|
95 |
|
|
|
95 |
|
|
|
96 |
|
Full-service banking offices |
|
77 |
|
|
|
77 |
|
|
|
77 |
|
|
|
77 |
|
|
|
77 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
1 Non-GAAP measure, see “Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |
|||||||||||||||||||
2 The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. |
|||||||||||||||||||
3 Common shares outstanding multiplied by closing bid price on last day of each period. |
|||||||||||||||||||
4 As 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 January 28, 2025, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter of 2024 earnings results and business trends. Investors may call in (toll-free) by dialing (800) 715-9871 (Conference ID: 8804483). 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
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 overdraft and late fee caps (if implemented), 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 or persistent 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
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 |
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
||||||||||||||||||||||||
|
Quarterly Trends |
|
Twelve months ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Amounts in thousands, except ratios and per share data) |
4Q'24 |
|
3Q'24 |
|
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
4Q'24 |
|
4Q'23 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Summary of Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income |
$ |
34,085 |
|
|
$ |
30,651 |
|
|
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
|
$ |
120,986 |
|
|
$ |
104,033 |
|
Adjusted net income1,6 |
|
40,556 |
|
|
|
30,511 |
|
|
|
30,277 |
|
|
|
31,132 |
|
|
|
31,363 |
|
|
|
132,476 |
|
|
|
133,240 |
|
Net interest income2 |
|
116,115 |
|
|
|
106,975 |
|
|
|
104,657 |
|
|
|
105,298 |
|
|
|
111,035 |
|
|
|
433,045 |
|
|
|
489,043 |
|
Net interest margin2,3 |
|
3.39 |
% |
|
|
3.17 |
% |
|
|
3.18 |
% |
|
|
3.24 |
% |
|
|
3.36 |
% |
|
|
3.24 |
% |
|
|
3.77 |
% |
Pre-tax pre-provision earnings1 |
|
47,858 |
|
|
|
46,086 |
|
|
|
44,555 |
|
|
|
35,674 |
|
|
|
42,006 |
|
|
|
174,173 |
|
|
|
173,812 |
|
Adjusted pre-tax pre-provision earnings1,6 |
|
56,610 |
|
|
|
46,390 |
|
|
|
44,490 |
|
|
|
42,513 |
|
|
|
45,016 |
|
|
|
190,003 |
|
|
|
213,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Performance Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on average assets-GAAP basis3 |
|
0.89 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.80 |
% |
|
|
0.81 |
% |
|
|
0.71 |
% |
Return on average tangible assets-GAAP basis3,4 |
|
1.06 |
|
|
|
0.99 |
|
|
|
1.00 |
|
|
|
0.89 |
|
|
|
0.99 |
|
|
|
0.98 |
|
|
|
0.91 |
|
Adjusted return on average tangible assets1,3,4 |
|
1.24 |
|
|
|
0.98 |
|
|
|
1.00 |
|
|
|
1.04 |
|
|
|
1.04 |
|
|
|
1.06 |
|
|
|
1.12 |
|
Net adjusted noninterest expense to average tangible assets1,3,4 |
|
2.19 |
|
|
|
2.19 |
|
|
|
2.19 |
|
|
|
2.23 |
|
|
|
2.25 |
|
|
|
2.20 |
|
|
|
2.36 |
|
Return on average shareholders' equity-GAAP basis3 |
|
6.16 |
|
|
|
5.62 |
|
|
|
5.74 |
|
|
|
4.94 |
|
|
|
5.69 |
|
|
|
5.62 |
|
|
|
5.14 |
|
Return on average tangible common equity-GAAP basis3,4 |
|
10.90 |
|
|
|
10.31 |
|
|
|
10.75 |
|
|
|
9.55 |
|
|
|
11.22 |
|
|
|
10.39 |
|
|
|
10.38 |
|
Adjusted return on average tangible common equity1,3,4 |
|
12.74 |
|
|
|
10.27 |
|
|
|
10.76 |
|
|
|
11.15 |
|
|
|
11.80 |
|
|
|
11.25 |
|
|
|
12.80 |
|
Efficiency ratio5 |
|
56.26 |
|
|
|
59.84 |
|
|
|
60.21 |
|
|
|
66.78 |
|
|
|
60.32 |
|
|
|
60.63 |
|
|
|
63.86 |
|
Adjusted efficiency ratio1 |
|
56.07 |
|
|
|
59.84 |
|
|
|
60.21 |
|
|
|
61.13 |
|
|
|
60.32 |
|
|
|
59.22 |
|
|
|
57.35 |
|
Noninterest income to total revenue (excluding securities gains/losses) |
|
18.02 |
|
|
|
18.05 |
|
|
|
17.55 |
|
|
|
16.17 |
|
|
|
15.14 |
|
|
|
17.47 |
|
|
|
14.39 |
|
Tangible common equity to tangible assets4 |
|
9.60 |
|
|
|
9.64 |
|
|
|
9.30 |
|
|
|
9.25 |
|
|
|
9.31 |
|
|
|
9.60 |
|
|
|
9.31 |
|
Average loan-to-deposit ratio |
|
83.14 |
|
|
|
83.79 |
|
|
|
83.11 |
|
|
|
84.50 |
|
|
|
83.38 |
|
|
|
83.63 |
|
|
|
82.99 |
|
End of period loan-to-deposit ratio |
|
84.27 |
|
|
|
83.44 |
|
|
|
82.90 |
|
|
|
83.12 |
|
|
|
85.48 |
|
|
|
84.27 |
|
|
|
85.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Per Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net income diluted-GAAP basis |
$ |
0.40 |
|
|
$ |
0.36 |
|
|
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
1.42 |
|
|
$ |
1.23 |
|
Net income basic-GAAP basis |
|
0.40 |
|
|
|
0.36 |
|
|
|
0.36 |
|
|
|
0.31 |
|
|
|
0.35 |
|
|
|
1.43 |
|
|
|
1.24 |
|
Adjusted earnings1,6 |
|
0.48 |
|
|
|
0.36 |
|
|
|
0.36 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
1.56 |
|
|
|
1.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Book value per share common |
|
25.51 |
|
|
|
25.68 |
|
|
|
24.98 |
|
|
|
24.93 |
|
|
|
24.84 |
|
|
|
25.51 |
|
|
|
24.84 |
|
Tangible book value per share |
|
16.12 |
|
|
|
16.20 |
|
|
|
15.41 |
|
|
|
15.26 |
|
|
|
15.08 |
|
|
|
16.12 |
|
|
|
15.08 |
|
Cash dividends declared |
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.72 |
|
|
|
0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1 Non-GAAP measure - see "Explanation of Certain Unaudited Non-GAAP Financial Measures" for more information and a reconciliation to GAAP. |
|||||||||||||||||||||||||||
2 Calculated on a fully taxable equivalent basis using amortized cost. |
|||||||||||||||||||||||||||
3 These ratios are stated on an annualized basis and are not necessarily indicative of future periods. |
|||||||||||||||||||||||||||
4 The Company defines tangible assets as total assets less intangible assets, and tangible common equity as total shareholders' equity less intangible assets. |
|||||||||||||||||||||||||||
5 Defined 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). |
|||||||||||||||||||||||||||
6 As of 1Q’24, amortization of intangibles is excluded from adjustments to noninterest expense; prior periods have been updated to reflect the change. |
CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|
|
|
|
|
||||||||||||||||||||
SEACOAST BANKING CORPORATION OF |
|
|
|
|
||||||||||||||||||||||
|
|
|||||||||||||||||||||||||
|
Quarterly Trends |
|
Twelve months ended |
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
(Amounts in thousands, except per share data) |
4Q'24 |
|
3Q'24 |
|
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
4Q'24 |
|
4Q'23 |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest and dividends on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Taxable |
$ |
26,945 |
|
|
$ |
25,963 |
|
$ |
24,155 |
|
|
$ |
22,393 |
|
|
$ |
21,383 |
|
|
$ |
99,456 |
|
|
$ |
82,926 |
|
Nontaxable |
|
34 |
|
|
|
34 |
|
|
33 |
|
|
|
34 |
|
|
|
55 |
|
|
|
135 |
|
|
|
354 |
|
Interest and fees on loans |
|
151,999 |
|
|
|
150,980 |
|
|
147,292 |
|
|
|
147,095 |
|
|
|
147,801 |
|
|
|
597,366 |
|
|
|
581,105 |
|
Interest on interest bearing deposits and other investments |
|
6,952 |
|
|
|
7,138 |
|
|
8,328 |
|
|
|
6,184 |
|
|
|
7,616 |
|
|
|
28,602 |
|
|
|
24,590 |
|
Total Interest Income |
|
185,930 |
|
|
|
184,115 |
|
|
179,808 |
|
|
|
175,706 |
|
|
|
176,855 |
|
|
|
725,559 |
|
|
|
688,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Interest on deposits |
|
47,394 |
|
|
|
51,963 |
|
|
51,319 |
|
|
|
47,534 |
|
|
|
44,923 |
|
|
|
198,210 |
|
|
|
126,535 |
|
Interest on time certificates |
|
16,726 |
|
|
|
19,002 |
|
|
17,928 |
|
|
|
17,121 |
|
|
|
15,764 |
|
|
|
70,777 |
|
|
|
52,254 |
|
Interest on borrowed money |
|
6,006 |
|
|
|
6,485 |
|
|
6,137 |
|
|
|
5,973 |
|
|
|
5,349 |
|
|
|
24,601 |
|
|
|
21,946 |
|
Total Interest Expense |
|
70,126 |
|
|
|
77,450 |
|
|
75,384 |
|
|
|
70,628 |
|
|
|
66,036 |
|
|
|
293,588 |
|
|
|
200,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Interest Income |
|
115,804 |
|
|
|
106,665 |
|
|
104,424 |
|
|
|
105,078 |
|
|
|
110,819 |
|
|
|
431,971 |
|
|
|
488,240 |
|
Provision for credit losses |
|
3,699 |
|
|
|
6,273 |
|
|
4,918 |
|
|
|
1,368 |
|
|
|
3,990 |
|
|
|
16,258 |
|
|
|
37,518 |
|
Net Interest Income After Provision for Credit Losses |
|
112,105 |
|
|
|
100,392 |
|
|
99,506 |
|
|
|
103,710 |
|
|
|
106,829 |
|
|
|
415,713 |
|
|
|
450,722 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Service charges on deposit accounts |
|
5,138 |
|
|
|
5,412 |
|
|
5,342 |
|
|
|
4,960 |
|
|
|
4,828 |
|
|
|
20,852 |
|
|
|
18,278 |
|
Interchange income |
|
1,860 |
|
|
|
1,911 |
|
|
1,940 |
|
|
|
1,888 |
|
|
|
2,433 |
|
|
|
7,599 |
|
|
|
13,877 |
|
Wealth management income |
|
4,019 |
|
|
|
3,843 |
|
|
3,766 |
|
|
|
3,540 |
|
|
|
3,261 |
|
|
|
15,168 |
|
|
|
12,780 |
|
Mortgage banking fees |
|
326 |
|
|
|
485 |
|
|
582 |
|
|
|
381 |
|
|
|
378 |
|
|
|
1,774 |
|
|
|
1,790 |
|
Insurance agency income |
|
1,151 |
|
|
|
1,399 |
|
|
1,355 |
|
|
|
1,291 |
|
|
|
1,066 |
|
|
|
5,196 |
|
|
|
4,510 |
|
BOLI income |
|
2,627 |
|
|
|
2,578 |
|
|
2,596 |
|
|
|
2,264 |
|
|
|
2,220 |
|
|
|
10,065 |
|
|
|
8,401 |
|
Other |
|
10,335 |
|
|
|
7,864 |
|
|
6,647 |
|
|
|
5,944 |
|
|
|
5,589 |
|
|
|
30,790 |
|
|
|
22,409 |
|
|
|
25,456 |
|
|
|
23,492 |
|
|
22,228 |
|
|
|
20,268 |
|
|
|
19,775 |
|
|
|
91,444 |
|
|
|
82,045 |
|
Securities (losses) gains, net |
|
(8,388 |
) |
|
|
187 |
|
|
(44 |
) |
|
|
229 |
|
|
|
(2,437 |
) |
|
|
(8,016 |
) |
|
|
(2,893 |
) |
Total Noninterest Income |
|
17,068 |
|
|
|
23,679 |
|
|
22,184 |
|
|
|
20,497 |
|
|
|
17,338 |
|
|
|
83,428 |
|
|
|
79,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Salaries and wages |
|
42,378 |
|
|
|
40,697 |
|
|
38,937 |
|
|
|
40,304 |
|
|
|
38,435 |
|
|
|
162,316 |
|
|
|
177,637 |
|
Employee benefits |
|
6,548 |
|
|
|
6,955 |
|
|
6,861 |
|
|
|
7,889 |
|
|
|
6,678 |
|
|
|
28,253 |
|
|
|
29,918 |
|
Outsourced data processing costs |
|
8,307 |
|
|
|
8,003 |
|
|
8,210 |
|
|
|
12,118 |
|
|
|
8,609 |
|
|
|
36,638 |
|
|
|
52,098 |
|
Occupancy |
|
7,234 |
|
|
|
7,096 |
|
|
7,180 |
|
|
|
8,037 |
|
|
|
7,512 |
|
|
|
29,547 |
|
|
|
31,872 |
|
Furniture and equipment |
|
2,004 |
|
|
|
2,060 |
|
|
1,956 |
|
|
|
2,011 |
|
|
|
2,028 |
|
|
|
8,031 |
|
|
|
8,692 |
|
Marketing |
|
2,126 |
|
|
|
2,729 |
|
|
3,266 |
|
|
|
2,655 |
|
|
|
2,995 |
|
|
|
10,776 |
|
|
|
9,156 |
|
Legal and professional fees |
|
2,807 |
|
|
|
2,708 |
|
|
1,982 |
|
|
|
2,151 |
|
|
|
3,294 |
|
|
|
9,648 |
|
|
|
17,514 |
|
FDIC assessments |
|
2,274 |
|
|
|
1,882 |
|
|
2,131 |
|
|
|
2,158 |
|
|
|
2,813 |
|
|
|
8,445 |
|
|
|
8,630 |
|
Amortization of intangibles |
|
5,587 |
|
|
|
6,002 |
|
|
6,003 |
|
|
|
6,292 |
|
|
|
6,888 |
|
|
|
23,884 |
|
|
|
28,726 |
|
Other real estate owned expense and net loss (gain) on sale |
|
84 |
|
|
|
491 |
|
|
(109 |
) |
|
|
(26 |
) |
|
|
573 |
|
|
|
440 |
|
|
|
985 |
|
Provision for credit losses on unfunded commitments |
|
250 |
|
|
|
250 |
|
|
251 |
|
|
|
250 |
|
|
|
— |
|
|
|
1,001 |
|
|
|
1,239 |
|
Other |
|
5,976 |
|
|
|
5,945 |
|
|
5,869 |
|
|
|
6,532 |
|
|
|
6,542 |
|
|
|
24,322 |
|
|
|
29,155 |
|
Total Noninterest Expense |
|
85,575 |
|
|
|
84,818 |
|
|
82,537 |
|
|
|
90,371 |
|
|
|
86,367 |
|
|
|
343,301 |
|
|
|
395,622 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Income Before Income Taxes |
|
43,598 |
|
|
|
39,253 |
|
|
39,153 |
|
|
|
33,836 |
|
|
|
37,800 |
|
|
|
155,840 |
|
|
|
134,252 |
|
Provision for income taxes |
|
9,513 |
|
|
|
8,602 |
|
|
8,909 |
|
|
|
7,830 |
|
|
|
8,257 |
|
|
|
34,854 |
|
|
|
30,219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net Income |
$ |
34,085 |
|
|
$ |
30,651 |
|
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
|
$ |
120,986 |
|
|
$ |
104,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Share Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Net income per share of common stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted |
$ |
0.40 |
|
|
$ |
0.36 |
|
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
1.42 |
|
|
$ |
1.23 |
|
Basic |
|
0.40 |
|
|
|
0.36 |
|
|
0.36 |
|
|
|
0.31 |
|
|
|
0.35 |
|
|
|
1.43 |
|
|
|
1.24 |
|
Cash dividends declared |
|
0.18 |
|
|
|
0.18 |
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.72 |
|
|
|
0.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Diluted |
|
85,302 |
|
|
|
85,069 |
|
|
84,816 |
|
|
|
85,270 |
|
|
|
85,336 |
|
|
|
85,040 |
|
|
|
84,329 |
|
Basic |
|
84,510 |
|
|
|
84,434 |
|
|
84,341 |
|
|
|
84,908 |
|
|
|
84,817 |
|
|
|
84,367 |
|
|
|
83,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
|
||||||||||||||||||
SEACOAST BANKING CORPORATION OF |
||||||||||||||||||||
|
|
|
||||||||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
(Amounts in thousands) |
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash and due from banks |
|
$ |
171,615 |
|
|
$ |
182,743 |
|
|
$ |
168,738 |
|
|
$ |
137,850 |
|
|
$ |
167,511 |
|
Interest bearing deposits with other banks |
|
|
304,992 |
|
|
|
454,315 |
|
|
|
580,787 |
|
|
|
544,874 |
|
|
|
279,671 |
|
Total cash and cash equivalents |
|
|
476,607 |
|
|
|
637,058 |
|
|
|
749,525 |
|
|
|
682,724 |
|
|
|
447,182 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Time deposits with other banks |
|
|
3,215 |
|
|
|
5,207 |
|
|
|
7,856 |
|
|
|
7,856 |
|
|
|
5,857 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Debt Securities: |
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities available-for-sale (at fair value) |
|
|
2,226,543 |
|
|
|
2,160,055 |
|
|
|
1,967,204 |
|
|
|
1,949,463 |
|
|
|
1,836,020 |
|
Securities held-to-maturity (at amortized cost) |
|
|
635,186 |
|
|
|
646,050 |
|
|
|
658,055 |
|
|
|
669,896 |
|
|
|
680,313 |
|
Total debt securities |
|
|
2,861,729 |
|
|
|
2,806,105 |
|
|
|
2,625,259 |
|
|
|
2,619,359 |
|
|
|
2,516,333 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans held for sale |
|
|
17,277 |
|
|
|
11,039 |
|
|
|
5,975 |
|
|
|
9,475 |
|
|
|
4,391 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loans |
|
|
10,299,950 |
|
|
|
10,205,281 |
|
|
|
10,038,508 |
|
|
|
9,978,052 |
|
|
|
10,062,940 |
|
Less: Allowance for credit losses |
|
|
(138,055 |
) |
|
|
(140,469 |
) |
|
|
(141,641 |
) |
|
|
(146,669 |
) |
|
|
(148,931 |
) |
Loans, net of allowance for credit losses |
|
|
10,161,895 |
|
|
|
10,064,812 |
|
|
|
9,896,867 |
|
|
|
9,831,383 |
|
|
|
9,914,009 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Bank premises and equipment, net |
|
|
107,555 |
|
|
|
108,776 |
|
|
|
109,945 |
|
|
|
110,787 |
|
|
|
113,304 |
|
Other real estate owned |
|
|
6,421 |
|
|
|
6,421 |
|
|
|
6,877 |
|
|
|
7,315 |
|
|
|
7,560 |
|
Goodwill |
|
|
732,417 |
|
|
|
732,417 |
|
|
|
732,417 |
|
|
|
732,417 |
|
|
|
732,417 |
|
Other intangible assets, net |
|
|
71,723 |
|
|
|
77,431 |
|
|
|
83,445 |
|
|
|
89,377 |
|
|
|
95,645 |
|
Bank owned life insurance |
|
|
308,995 |
|
|
|
306,379 |
|
|
|
303,816 |
|
|
|
301,229 |
|
|
|
298,974 |
|
Net deferred tax assets |
|
|
102,989 |
|
|
|
94,820 |
|
|
|
108,852 |
|
|
|
111,539 |
|
|
|
113,232 |
|
Other assets |
|
|
325,485 |
|
|
|
317,906 |
|
|
|
321,779 |
|
|
|
326,554 |
|
|
|
331,345 |
|
Total Assets |
|
$ |
15,176,308 |
|
|
$ |
15,168,371 |
|
|
$ |
14,952,613 |
|
|
$ |
14,830,015 |
|
|
$ |
14,580,249 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities |
|
|
|
|
|
|
|
|
|
|
||||||||||
Deposits |
|
|
|
|
|
|
|
|
|
|
||||||||||
Noninterest demand |
|
$ |
3,352,372 |
|
|
$ |
3,443,455 |
|
|
$ |
3,397,918 |
|
|
$ |
3,555,401 |
|
|
$ |
3,544,981 |
|
Interest-bearing demand |
|
|
2,667,843 |
|
|
|
2,487,448 |
|
|
|
2,821,092 |
|
|
|
2,711,041 |
|
|
|
2,790,210 |
|
Savings |
|
|
519,977 |
|
|
|
524,474 |
|
|
|
566,052 |
|
|
|
608,088 |
|
|
|
651,454 |
|
Money market |
|
|
4,086,362 |
|
|
|
4,034,371 |
|
|
|
3,707,761 |
|
|
|
3,531,029 |
|
|
|
3,314,288 |
|
Time deposits |
|
|
1,615,873 |
|
|
|
1,753,837 |
|
|
|
1,623,295 |
|
|
|
1,610,281 |
|
|
|
1,476,002 |
|
Total Deposits |
|
|
12,242,427 |
|
|
|
12,243,585 |
|
|
|
12,116,118 |
|
|
|
12,015,840 |
|
|
|
11,776,935 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Securities sold under agreements to repurchase |
|
|
232,071 |
|
|
|
210,176 |
|
|
|
262,103 |
|
|
|
326,732 |
|
|
|
374,573 |
|
Federal Home Loan Bank borrowings |
|
|
245,000 |
|
|
|
245,000 |
|
|
|
180,000 |
|
|
|
110,000 |
|
|
|
50,000 |
|
Long-term debt, net |
|
|
106,966 |
|
|
|
106,800 |
|
|
|
106,634 |
|
|
|
106,468 |
|
|
|
106,302 |
|
Other liabilities |
|
|
166,601 |
|
|
|
168,960 |
|
|
|
157,377 |
|
|
|
153,225 |
|
|
|
164,353 |
|
Total Liabilities |
|
|
12,993,065 |
|
|
|
12,974,521 |
|
|
|
12,822,232 |
|
|
|
12,712,265 |
|
|
|
12,472,163 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
||||||||||
Common stock |
|
|
8,628 |
|
|
|
8,614 |
|
|
|
8,530 |
|
|
|
8,494 |
|
|
|
8,486 |
|
Additional paid in capital |
|
|
1,824,935 |
|
|
|
1,821,050 |
|
|
|
1,815,800 |
|
|
|
1,811,941 |
|
|
|
1,808,883 |
|
Retained earnings |
|
|
526,642 |
|
|
|
508,036 |
|
|
|
492,805 |
|
|
|
478,017 |
|
|
|
467,305 |
|
Less: Treasury stock |
|
|
(19,095 |
) |
|
|
(18,680 |
) |
|
|
(18,744 |
) |
|
|
(16,746 |
) |
|
|
(16,710 |
) |
|
|
|
2,341,110 |
|
|
|
2,319,020 |
|
|
|
2,298,391 |
|
|
|
2,281,706 |
|
|
|
2,267,964 |
|
Accumulated other comprehensive loss, net |
|
|
(157,867 |
) |
|
|
(125,170 |
) |
|
|
(168,010 |
) |
|
|
(163,956 |
) |
|
|
(159,878 |
) |
Total Shareholders' Equity |
|
|
2,183,243 |
|
|
|
2,193,850 |
|
|
|
2,130,381 |
|
|
|
2,117,750 |
|
|
|
2,108,086 |
|
Total Liabilities & Shareholders' Equity |
|
$ |
15,176,308 |
|
|
$ |
15,168,371 |
|
|
$ |
14,952,613 |
|
|
$ |
14,830,015 |
|
|
$ |
14,580,249 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Common shares outstanding |
|
|
85,568 |
|
|
|
85,441 |
|
|
|
85,299 |
|
|
|
84,935 |
|
|
|
84,861 |
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
|
|||||||||||||||||
SEACOAST BANKING CORPORATION OF |
|||||||||||||||||||
|
|
||||||||||||||||||
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
(Amounts in thousands) |
4Q'24 |
|
3Q'24 |
|
2Q'24 |
|
1Q'24 |
|
4Q'23 |
||||||||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Credit Analysis |
|
|
|
|
|
|
|
|
|
||||||||||
Net charge-offs |
$ |
6,113 |
|
|
$ |
7,445 |
|
|
$ |
9,946 |
|
|
$ |
3,630 |
|
|
$ |
4,720 |
|
Net charge-offs to average loans |
|
0.24 |
% |
|
|
0.29 |
% |
|
|
0.40 |
% |
|
|
0.15 |
% |
|
|
0.19 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Allowance for credit losses |
$ |
138,055 |
|
|
$ |
140,469 |
|
|
$ |
141,641 |
|
|
$ |
146,669 |
|
|
$ |
148,931 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Non-acquired loans at end of period |
$ |
7,452,175 |
|
|
$ |
7,178,186 |
|
|
$ |
6,834,059 |
|
|
$ |
6,613,763 |
|
|
$ |
6,571,454 |
|
Acquired loans at end of period |
|
2,847,775 |
|
|
|
3,027,095 |
|
|
|
3,204,449 |
|
|
|
3,364,289 |
|
|
|
3,491,486 |
|
Total Loans |
$ |
10,299,950 |
|
|
$ |
10,205,281 |
|
|
$ |
10,038,508 |
|
|
$ |
9,978,052 |
|
|
$ |
10,062,940 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Total allowance for credit losses to total loans at end of period |
|
1.34 |
% |
|
|
1.38 |
% |
|
|
1.41 |
% |
|
|
1.47 |
% |
|
|
1.48 |
% |
Purchase discount on acquired loans at end of period |
|
4.30 |
|
|
|
4.48 |
|
|
|
4.51 |
|
|
|
4.63 |
|
|
|
4.75 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
End of Period |
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming loans |
$ |
92,446 |
|
|
$ |
80,857 |
|
|
$ |
59,927 |
|
|
$ |
77,205 |
|
|
$ |
65,104 |
|
Other real estate owned |
|
933 |
|
|
|
933 |
|
|
|
1,173 |
|
|
|
309 |
|
|
|
221 |
|
Properties previously used in bank operations included in other real estate owned |
|
5,488 |
|
|
|
5,488 |
|
|
|
5,704 |
|
|
|
7,006 |
|
|
|
7,339 |
|
Total Nonperforming Assets |
$ |
98,867 |
|
|
$ |
87,278 |
|
|
$ |
66,804 |
|
|
$ |
84,520 |
|
|
$ |
72,664 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Loans to Loans at End of Period |
|
0.90 |
% |
|
|
0.79 |
% |
|
|
0.60 |
% |
|
|
0.77 |
% |
|
|
0.65 |
% |
|
|
|
|
|
|
|
|
|
|
||||||||||
Nonperforming Assets to Total Assets at End of Period |
|
0.65 |
|
|
|
0.58 |
|
|
|
0.45 |
|
|
|
0.57 |
|
|
|
0.50 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
||||||||||
Loans |
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Construction and land development |
$ |
648,054 |
|
|
$ |
595,753 |
|
|
$ |
593,534 |
|
|
$ |
623,246 |
|
|
$ |
767,622 |
|
Commercial real estate - owner occupied |
|
1,686,629 |
|
|
|
1,676,814 |
|
|
|
1,656,391 |
|
|
|
1,656,131 |
|
|
|
1,670,281 |
|
Commercial real estate - non-owner occupied |
|
3,503,807 |
|
|
|
3,573,076 |
|
|
|
3,423,266 |
|
|
|
3,368,339 |
|
|
|
3,319,890 |
|
Residential real estate |
|
2,616,784 |
|
|
|
2,564,903 |
|
|
|
2,555,320 |
|
|
|
2,521,399 |
|
|
|
2,445,692 |
|
Commercial and financial |
|
1,651,355 |
|
|
|
1,575,228 |
|
|
|
1,582,290 |
|
|
|
1,566,198 |
|
|
|
1,607,888 |
|
Consumer |
|
193,321 |
|
|
|
219,507 |
|
|
|
227,707 |
|
|
|
242,739 |
|
|
|
251,567 |
|
Total Loans |
$ |
10,299,950 |
|
|
$ |
10,205,281 |
|
|
$ |
10,038,508 |
|
|
$ |
9,978,052 |
|
|
$ |
10,062,940 |
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND RATES 1 |
|
(Unaudited) |
|||||||||||||||||||||||||||
SEACOAST BANKING CORPORATION OF |
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
4Q'24 |
|
3Q'24 |
|
4Q'23 |
||||||||||||||||||||||||
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
||||||||||||
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Taxable |
$ |
2,843,755 |
|
|
$ |
26,945 |
|
3.77 |
% |
|
$ |
2,756,502 |
|
|
$ |
25,963 |
|
3.75 |
% |
|
$ |
2,499,047 |
|
|
$ |
21,383 |
|
3.42 |
% |
Nontaxable |
|
5,795 |
|
|
|
41 |
|
2.81 |
|
|
|
5,701 |
|
|
|
42 |
|
2.93 |
|
|
|
7,835 |
|
|
|
68 |
|
3.48 |
|
Total Securities |
|
2,849,550 |
|
|
|
26,986 |
|
3.77 |
|
|
|
2,762,203 |
|
|
|
26,005 |
|
3.75 |
|
|
|
2,506,882 |
|
|
|
21,451 |
|
3.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Federal funds sold |
|
470,154 |
|
|
|
5,690 |
|
4.81 |
|
|
|
433,423 |
|
|
|
5,906 |
|
5.42 |
|
|
|
465,506 |
|
|
|
6,426 |
|
5.48 |
|
Interest bearing deposits with other banks and other investments |
|
102,961 |
|
|
|
1,262 |
|
4.88 |
|
|
|
102,700 |
|
|
|
1,232 |
|
4.77 |
|
|
|
91,230 |
|
|
|
1,190 |
|
5.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Loans, net2 |
|
10,214,493 |
|
|
|
152,303 |
|
5.93 |
|
|
|
10,128,822 |
|
|
|
151,282 |
|
5.94 |
|
|
|
10,033,245 |
|
|
|
148,004 |
|
5.85 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Earning Assets |
|
13,637,158 |
|
|
|
186,241 |
|
5.43 |
|
|
|
13,427,148 |
|
|
|
184,425 |
|
5.46 |
|
|
|
13,096,863 |
|
|
|
177,071 |
|
5.36 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Allowance for credit losses |
|
(140,409 |
) |
|
|
|
|
|
|
(141,974 |
) |
|
|
|
|
|
|
(149,110 |
) |
|
|
|
|
||||||
Cash and due from banks |
|
167,197 |
|
|
|
|
|
|
|
167,103 |
|
|
|
|
|
|
|
179,908 |
|
|
|
|
|
||||||
Bank premises and equipment, net |
|
108,589 |
|
|
|
|
|
|
|
109,699 |
|
|
|
|
|
|
|
115,556 |
|
|
|
|
|
||||||
Intangible assets |
|
806,710 |
|
|
|
|
|
|
|
812,761 |
|
|
|
|
|
|
|
832,029 |
|
|
|
|
|
||||||
Bank owned life insurance |
|
307,256 |
|
|
|
|
|
|
|
304,703 |
|
|
|
|
|
|
|
297,525 |
|
|
|
|
|
||||||
Other assets including deferred tax assets |
|
317,540 |
|
|
|
|
|
|
|
317,406 |
|
|
|
|
|
|
|
365,263 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Assets |
$ |
15,204,041 |
|
|
|
|
|
|
$ |
14,996,846 |
|
|
|
|
|
|
$ |
14,738,034 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Interest-bearing demand |
$ |
2,581,733 |
|
|
$ |
11,843 |
|
1.82 |
% |
|
$ |
2,489,674 |
|
|
$ |
12,905 |
|
2.06 |
% |
|
$ |
2,819,743 |
|
|
$ |
15,658 |
|
2.20 |
% |
Savings |
|
521,682 |
|
|
|
582 |
|
0.44 |
|
|
|
546,473 |
|
|
|
601 |
|
0.44 |
|
|
|
679,720 |
|
|
|
505 |
|
0.29 |
|
Money market |
|
4,078,714 |
|
|
|
34,969 |
|
3.41 |
|
|
|
3,942,357 |
|
|
|
38,457 |
|
3.88 |
|
|
|
3,268,829 |
|
|
|
28,760 |
|
3.49 |
|
Time deposits |
|
1,686,004 |
|
|
|
16,726 |
|
3.95 |
|
|
|
1,716,720 |
|
|
|
19,002 |
|
4.40 |
|
|
|
1,524,460 |
|
|
|
15,764 |
|
4.10 |
|
Securities sold under agreements to repurchase |
|
209,909 |
|
|
|
1,584 |
|
3.00 |
|
|
|
241,083 |
|
|
|
2,044 |
|
3.37 |
|
|
|
335,559 |
|
|
|
2,991 |
|
3.54 |
|
Federal Home Loan Bank borrowings |
|
245,000 |
|
|
|
2,625 |
|
4.26 |
|
|
|
237,935 |
|
|
|
2,549 |
|
4.26 |
|
|
|
59,022 |
|
|
|
442 |
|
2.97 |
|
Long-term debt, net |
|
106,881 |
|
|
|
1,797 |
|
6.69 |
|
|
|
106,706 |
|
|
|
1,892 |
|
7.05 |
|
|
|
106,205 |
|
|
|
1,916 |
|
7.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Interest-Bearing Liabilities |
|
9,429,923 |
|
|
|
70,126 |
|
2.96 |
|
|
|
9,280,948 |
|
|
|
77,450 |
|
3.32 |
|
|
|
8,793,538 |
|
|
|
66,036 |
|
2.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Noninterest demand |
|
3,417,539 |
|
|
|
|
|
|
|
3,393,110 |
|
|
|
|
|
|
|
3,739,993 |
|
|
|
|
|
||||||
Other liabilities |
|
153,527 |
|
|
|
|
|
|
|
154,344 |
|
|
|
|
|
|
|
145,591 |
|
|
|
|
|
||||||
Total Liabilities |
|
13,000,989 |
|
|
|
|
|
|
|
12,828,402 |
|
|
|
|
|
|
|
12,679,122 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Shareholders' equity |
|
2,203,052 |
|
|
|
|
|
|
|
2,168,444 |
|
|
|
|
|
|
|
2,058,912 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Liabilities & Equity |
$ |
15,204,041 |
|
|
|
|
|
|
$ |
14,996,846 |
|
|
|
|
|
|
$ |
14,738,034 |
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cost of deposits |
|
|
|
|
2.08 |
% |
|
|
|
|
|
2.34 |
% |
|
|
|
|
|
2.00 |
% |
|||||||||
Interest expense as a % of earning assets |
|
|
|
|
2.05 |
% |
|
|
|
|
|
2.29 |
% |
|
|
|
|
|
2.00 |
% |
|||||||||
Net interest income as a % of earning assets |
|
|
$ |
116,115 |
|
3.39 |
% |
|
|
|
$ |
106,975 |
|
3.17 |
% |
|
|
|
$ |
111,035 |
|
3.36 |
% |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
|||||||||||||||||||||||||||||
2 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 |
|
|
|
|
|
|
|
|
|||||||||||
|
|
||||||||||||||||||
|
Twelve Months Ended December 31, 2024 |
|
Twelve Months Ended December 31, 2023 |
||||||||||||||||
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
||||||||
(Amounts in thousands, except ratios) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Securities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Taxable |
$ |
2,702,763 |
|
|
$ |
99,456 |
|
3.68 |
% |
|
$ |
2,611,299 |
|
|
$ |
82,926 |
|
3.18 |
% |
Nontaxable |
|
5,707 |
|
|
|
164 |
|
2.87 |
|
|
|
13,733 |
|
|
|
438 |
|
3.19 |
|
Total Securities |
|
2,708,470 |
|
|
|
99,620 |
|
3.68 |
|
|
|
2,625,032 |
|
|
|
83,364 |
|
3.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Federal funds sold |
|
446,149 |
|
|
|
23,619 |
|
5.29 |
|
|
|
368,659 |
|
|
|
18,871 |
|
5.12 |
|
Interest bearing deposits with other banks and other investments |
|
102,552 |
|
|
|
4,983 |
|
4.86 |
|
|
|
90,692 |
|
|
|
5,718 |
|
6.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Loans, net2 |
|
10,096,189 |
|
|
|
598,411 |
|
5.93 |
|
|
|
9,889,070 |
|
|
|
581,825 |
|
5.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Earning Assets |
|
13,353,360 |
|
|
|
726,633 |
|
5.44 |
|
|
|
12,973,453 |
|
|
|
689,778 |
|
5.32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Allowance for credit losses |
|
(144,280 |
) |
|
|
|
|
|
|
(150,982 |
) |
|
|
|
|
||||
Cash and due from banks |
|
167,367 |
|
|
|
|
|
|
|
184,035 |
|
|
|
|
|
||||
Bank premises and equipment, net |
|
110,341 |
|
|
|
|
|
|
|
116,516 |
|
|
|
|
|
||||
Intangible assets |
|
815,945 |
|
|
|
|
|
|
|
816,662 |
|
|
|
|
|
||||
Bank owned life insurance |
|
303,486 |
|
|
|
|
|
|
|
290,218 |
|
|
|
|
|
||||
Other assets including deferred tax assets |
|
327,539 |
|
|
|
|
|
|
|
392,872 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Assets |
$ |
14,933,758 |
|
|
|
|
|
|
$ |
14,622,774 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest-bearing demand |
$ |
2,614,893 |
|
|
$ |
54,960 |
|
2.10 |
% |
|
$ |
2,686,936 |
|
|
$ |
41,438 |
|
1.54 |
% |
Savings |
|
570,046 |
|
|
|
2,283 |
|
0.40 |
|
|
|
851,347 |
|
|
|
1,796 |
|
0.21 |
|
Money market |
|
3,775,352 |
|
|
|
140,967 |
|
3.73 |
|
|
|
2,941,916 |
|
|
|
83,301 |
|
2.83 |
|
Time deposits |
|
1,656,269 |
|
|
|
70,777 |
|
4.27 |
|
|
|
1,348,152 |
|
|
|
52,254 |
|
3.88 |
|
Securities sold under agreements to repurchase |
|
269,255 |
|
|
|
9,390 |
|
3.49 |
|
|
|
270,999 |
|
|
|
8,323 |
|
3.07 |
|
Federal Home Loan Bank borrowings |
|
183,962 |
|
|
|
7,726 |
|
4.20 |
|
|
|
175,247 |
|
|
|
6,378 |
|
3.64 |
|
Long-term debt, net |
|
106,624 |
|
|
|
7,485 |
|
7.02 |
|
|
|
104,158 |
|
|
|
7,245 |
|
6.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Interest-Bearing Liabilities |
|
9,176,401 |
|
|
|
293,588 |
|
3.20 |
|
|
|
8,378,755 |
|
|
|
200,735 |
|
2.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Noninterest demand |
|
3,455,907 |
|
|
|
|
|
|
|
4,087,335 |
|
|
|
|
|
||||
Other liabilities |
|
149,389 |
|
|
|
|
|
|
|
131,302 |
|
|
|
|
|
||||
Total Liabilities |
|
12,781,697 |
|
|
|
|
|
|
|
12,597,392 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Shareholders' equity |
|
2,152,061 |
|
|
|
|
|
|
|
2,025,382 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Total Liabilities & Equity |
$ |
14,933,758 |
|
|
|
|
|
|
$ |
14,622,774 |
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of deposits |
|
|
|
|
2.23 |
% |
|
|
|
|
|
1.50 |
% |
||||||
Interest expense as a % of earning assets |
|
|
|
|
2.20 |
% |
|
|
|
|
|
1.55 |
% |
||||||
Net interest income as a % of earning assets |
|
|
$ |
433,045 |
|
3.24 |
% |
|
|
|
$ |
489,043 |
|
3.77 |
% |
||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
1 On a fully taxable equivalent basis. All yields and rates have been computed using amortized cost. |
|||||||||||||||||||
2 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 |
|||||||||||||||
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
|||||
(Amounts in thousands) |
|
2024 |
|
2024 |
|
2024 |
|
2024 |
|
2023 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
|
|||||
Noninterest demand |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial |
|
$ |
2,621,469 |
|
$ |
2,731,564 |
|
$ |
2,664,353 |
|
$ |
2,808,151 |
|
$ |
2,752,644 |
Retail |
|
|
502,967 |
|
|
509,527 |
|
|
532,623 |
|
|
553,697 |
|
|
561,569 |
Public funds |
|
|
177,742 |
|
|
139,072 |
|
|
142,846 |
|
|
145,747 |
|
|
173,893 |
Other |
|
|
50,194 |
|
|
63,292 |
|
|
58,096 |
|
|
47,806 |
|
|
56,875 |
Total Noninterest Demand |
|
|
3,352,372 |
|
|
3,443,455 |
|
|
3,397,918 |
|
|
3,555,401 |
|
|
3,544,981 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial |
|
|
1,467,508 |
|
|
1,426,920 |
|
|
1,533,725 |
|
|
1,561,905 |
|
|
1,576,491 |
Retail |
|
|
881,236 |
|
|
874,043 |
|
|
892,032 |
|
|
930,178 |
|
|
956,900 |
Brokered |
|
|
49,287 |
|
|
— |
|
|
198,337 |
|
|
— |
|
|
— |
Public funds |
|
|
269,812 |
|
|
186,485 |
|
|
196,998 |
|
|
218,958 |
|
|
256,819 |
Total Interest-Bearing Demand |
|
|
2,667,843 |
|
|
2,487,448 |
|
|
2,821,092 |
|
|
2,711,041 |
|
|
2,790,210 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Total transaction accounts |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial |
|
|
4,088,977 |
|
|
4,158,484 |
|
|
4,198,078 |
|
|
4,370,056 |
|
|
4,329,135 |
Retail |
|
|
1,384,203 |
|
|
1,383,570 |
|
|
1,424,655 |
|
|
1,483,875 |
|
|
1,518,469 |
Brokered |
|
|
49,287 |
|
|
— |
|
|
198,337 |
|
|
— |
|
|
— |
Public funds |
|
|
447,554 |
|
|
325,557 |
|
|
339,844 |
|
|
364,705 |
|
|
430,712 |
Other |
|
|
50,194 |
|
|
63,292 |
|
|
58,096 |
|
|
47,806 |
|
|
56,875 |
Total Transaction Accounts |
|
|
6,020,215 |
|
|
5,930,903 |
|
|
6,219,010 |
|
|
6,266,442 |
|
|
6,335,191 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Savings |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial |
|
|
40,303 |
|
|
44,151 |
|
|
53,523 |
|
|
52,665 |
|
|
58,562 |
Retail |
|
|
479,674 |
|
|
480,323 |
|
|
512,529 |
|
|
555,423 |
|
|
592,892 |
Total Savings |
|
|
519,977 |
|
|
524,474 |
|
|
566,052 |
|
|
608,088 |
|
|
651,454 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Money market |
|
|
|
|
|
|
|
|
|
|
|||||
Commercial |
|
|
1,947,250 |
|
|
1,953,851 |
|
|
1,771,927 |
|
|
1,709,636 |
|
|
1,655,820 |
Retail |
|
|
1,925,330 |
|
|
1,887,975 |
|
|
1,733,505 |
|
|
1,621,618 |
|
|
1,469,142 |
Public funds |
|
|
213,782 |
|
|
192,545 |
|
|
202,329 |
|
|
199,775 |
|
|
189,326 |
Total Money Market |
|
|
4,086,362 |
|
|
4,034,371 |
|
|
3,707,761 |
|
|
3,531,029 |
|
|
3,314,288 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Brokered time certificates |
|
|
244,351 |
|
|
256,536 |
|
|
126,668 |
|
|
142,717 |
|
|
122,347 |
Time deposits |
|
|
1,371,522 |
|
|
1,497,301 |
|
|
1,496,627 |
|
|
1,467,564 |
|
|
1,353,655 |
|
|
|
1,615,873 |
|
|
1,753,837 |
|
|
1,623,295 |
|
|
1,610,281 |
|
|
1,476,002 |
Total Deposits |
|
$ |
12,242,427 |
|
$ |
12,243,585 |
|
$ |
12,116,118 |
|
$ |
12,015,840 |
|
$ |
11,776,935 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Securities sold under agreements to repurchase |
|
$ |
232,071 |
|
$ |
210,176 |
|
$ |
262,103 |
|
$ |
326,732 |
|
$ |
374,573 |
|
|
|
|
|
|
|
|
|
|
|
|||||
Total customer funding1 |
|
$ |
12,180,860 |
|
$ |
12,197,225 |
|
$ |
12,053,216 |
|
$ |
12,199,855 |
|
$ |
12,029,161 |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||
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 |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Quarterly Trends |
|
Twelve Months Ended |
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
(Amounts in thousands, except per share data) |
4Q'24 |
|
3Q'24 |
|
2Q'24 |
|
1Q'24 |
|
4Q'23 |
|
4Q'24 |
|
4Q'23 |
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Income |
$ |
34,085 |
|
|
$ |
30,651 |
|
|
$ |
30,244 |
|
|
$ |
26,006 |
|
|
$ |
29,543 |
|
|
$ |
120,986 |
|
|
$ |
104,033 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Total noninterest income |
|
17,068 |
|
|
|
23,679 |
|
|
|
22,184 |
|
|
|
20,497 |
|
|
|
17,338 |
|
|
|
83,428 |
|
|
|
79,152 |
|
Securities losses (gains), net |
|
8,388 |
|
|
|
(187 |
) |
|
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
8,016 |
|
|
|
2,893 |
|
BOLI benefits on death (included in other income) |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(2,117 |
) |
Total Adjustments to Noninterest Income |
|
8,388 |
|
|
|
(187 |
) |
|
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
8,016 |
|
|
|
776 |
|
Total Adjusted Noninterest Income |
|
25,456 |
|
|
|
23,492 |
|
|
|
22,228 |
|
|
|
20,268 |
|
|
|
19,775 |
|
|
|
91,444 |
|
|
|
79,928 |
|
Total noninterest expense |
|
85,575 |
|
|
|
84,818 |
|
|
|
82,537 |
|
|
|
90,371 |
|
|
|
86,367 |
|
|
|
343,301 |
|
|
|
395,622 |
|
Merger-related charges |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(33,180 |
) |
Business continuity expenses - hurricane events | (280 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(280 |
) |
|||||
Branch reductions and other expense initiatives |
|
— |
|
|
— |
|
|
|
— |
|
|
|
(7,094 |
) |
|
|
— |
|
|
|
(7,094 |
) |
|
|
(5,167 |
) |
|
Total Adjustments to Noninterest Expense |
|
(280 | ) |
|
|
— |
|
|
|
— |
|
|
|
(7,094 |
) |
|
|
— |
|
|
|
(7,374 |
) |
|
|
(38,347 |
) |
Adjusted Noninterest Expense2 |
|
85,295 |
|
|
|
84,818 |
|
|
|
82,537 |
|
|
|
83,277 |
|
|
|
86,367 |
|
|
|
335,927 |
|
|
|
357,275 |
|
Income Taxes |
|
9,513 |
|
|
|
8,602 |
|
|
|
8,909 |
|
|
|
7,830 |
|
|
|
8,257 |
|
|
|
34,854 |
|
|
|
30,219 |
|
Tax effect of adjustments |
|
2,197 |
|
|
|
(47 |
) |
|
|
11 |
|
|
|
1,739 |
|
|
|
617 |
|
|
|
3,900 |
|
|
|
9,916 |
|
Adjusted Income Taxes |
|
11,710 |
|
|
|
8,555 |
|
|
|
8,920 |
|
|
|
9,569 |
|
|
|
8,874 |
|
|
|
38,754 |
|
|
|
40,135 |
|
Adjusted Net Income2 |
$ |
40,556 |
|
|
$ |
30,511 |
|
|
$ |
30,277 |
|
|
$ |
31,132 |
|
|
$ |
31,363 |
|
|
$ |
132,476 |
|
|
$ |
133,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Earnings per diluted share, as reported |
$ |
0.40 |
|
|
$ |
0.36 |
|
|
$ |
0.36 |
|
|
$ |
0.31 |
|
|
$ |
0.35 |
|
|
$ |
1.42 |
|
|
$ |
1.23 |
|
Adjusted Earnings per Diluted Share |
|
0.48 |
|
|
|
0.36 |
|
|
|
0.36 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
1.56 |
|
|
|
1.58 |
|
Average diluted shares outstanding |
|
85,302 |
|
|
|
85,069 |
|
|
|
84,816 |
|
|
|
85,270 |
|
|
|
85,336 |
|
|
|
85,040 |
|
|
|
84,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Adjusted Noninterest Expense |
$ |
85,295 |
|
|
$ |
84,818 |
|
|
$ |
82,537 |
|
|
$ |
83,277 |
|
|
$ |
86,367 |
|
|
$ |
335,927 |
|
|
$ |
357,275 |
|
Provision for credit losses on unfunded commitments |
|
(250 |
) |
|
|
(250 |
) |
|
|
(251 |
) |
|
|
(250 |
) |
|
|
— |
|
|
|
(1,001 |
) |
|
|
(1,239 |
) |
Other real estate owned expense and net (loss) gain on sale |
|
(84 |
) |
|
|
(491 |
) |
|
|
109 |
|
|
|
26 |
|
|
|
(573 |
) |
|
|
(440 |
) |
|
|
(985 |
) |
Amortization of intangibles |
|
(5,587 |
) |
|
|
(6,002 |
) |
|
|
(6,003 |
) |
|
|
(6,292 |
) |
|
|
(6,888 |
) |
|
|
(23,884 |
) |
|
|
(28,726 |
) |
Net Adjusted Noninterest Expense |
$ |
79,374 |
|
|
$ |
78,075 |
|
|
$ |
76,392 |
|
|
$ |
76,761 |
|
|
$ |
78,906 |
|
|
$ |
310,602 |
|
|
$ |
326,325 |
|
Average tangible assets |
|
14,397,331 |
|
|
|
14,184,085 |
|
|
|
14,020,793 |
|
|
|
13,865,245 |
|
|
|
13,906,005 |
|
|
|
14,117,813 |
|
|
|
13,806,112 |
|
Net Adjusted Noninterest Expense to Average Tangible Assets |
|
2.19 |
% |
|
|
2.19 |
% |
|
|
2.19 |
% |
|
|
2.23 |
% |
|
|
2.25 |
% |
|
|
2.20 |
% |
|
|
2.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Revenue |
$ |
132,872 |
|
|
$ |
130,344 |
|
|
$ |
126,608 |
|
|
$ |
125,575 |
|
|
$ |
128,157 |
|
|
$ |
515,399 |
|
|
$ |
567,392 |
|
Total Adjustments to Net Revenue |
|
8,388 |
|
|
|
(187 |
) |
|
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
8,016 |
|
|
|
776 |
|
Impact of FTE adjustment |
|
311 |
|
|
|
310 |
|
|
|
233 |
|
|
|
220 |
|
|
|
216 |
|
|
|
1,074 |
|
|
|
803 |
|
Adjusted Net Revenue on a fully taxable equivalent basis |
$ |
141,571 |
|
|
$ |
130,467 |
|
|
$ |
126,885 |
|
|
$ |
125,566 |
|
|
$ |
130,810 |
|
|
$ |
524,489 |
|
|
$ |
568,971 |
|
Adjusted Efficiency Ratio |
|
56.07 |
% |
|
|
59.84 |
% |
|
|
60.21 |
% |
|
|
61.13 |
% |
|
|
60.32 |
% |
|
|
59.22 |
% |
|
|
57.35 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Interest Income |
$ |
115,804 |
|
|
$ |
106,665 |
|
|
$ |
104,424 |
|
|
$ |
105,078 |
|
|
$ |
110,819 |
|
|
$ |
431,971 |
|
|
$ |
488,240 |
|
Impact of FTE adjustment |
|
311 |
|
|
|
310 |
|
|
|
233 |
|
|
|
220 |
|
|
|
216 |
|
|
|
1,074 |
|
|
|
803 |
|
Net Interest Income including FTE adjustment |
$ |
116,115 |
|
|
$ |
106,975 |
|
|
$ |
104,657 |
|
|
$ |
105,298 |
|
|
$ |
111,035 |
|
|
$ |
433,045 |
|
|
$ |
489,043 |
|
Total noninterest income |
|
17,068 |
|
|
|
23,679 |
|
|
|
22,184 |
|
|
|
20,497 |
|
|
|
17,338 |
|
|
|
83,428 |
|
|
|
79,152 |
|
Total noninterest expense less provision for credit losses on unfunded commitments |
|
85,325 |
|
|
|
84,568 |
|
|
|
82,286 |
|
|
|
90,121 |
|
|
|
86,367 |
|
|
|
342,300 |
|
|
|
394,383 |
|
Pre-Tax Pre-Provision Earnings |
$ |
47,858 |
|
|
$ |
46,086 |
|
|
$ |
44,555 |
|
|
$ |
35,674 |
|
|
$ |
42,006 |
|
|
$ |
174,173 |
|
|
$ |
173,812 |
|
Total Adjustments to Noninterest Income |
|
8,388 |
|
|
|
(187 |
) |
|
|
44 |
|
|
|
(229 |
) |
|
|
2,437 |
|
|
|
8,016 |
|
|
|
776 |
|
Total Adjustments to Noninterest Expense including other real estate owned expense and net loss (gain) on sale |
|
364 |
|
|
|
491 |
|
|
|
(109 |
) |
|
|
7,068 |
|
|
|
573 |
|
|
|
7,814 |
|
|
|
39,332 |
|
Adjusted Pre-Tax Pre-Provision Earnings2 |
$ |
56,610 |
|
|
$ |
46,390 |
|
|
$ |
44,490 |
|
|
$ |
42,513 |
|
|
$ |
45,016 |
|
|
$ |
190,003 |
|
|
$ |
213,920 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average Assets |
$ |
15,204,041 |
|
|
$ |
14,996,846 |
|
|
$ |
14,839,707 |
|
|
$ |
14,690,776 |
|
|
$ |
14,738,034 |
|
|
$ |
14,933,758 |
|
|
$ |
14,622,774 |
|
Less average goodwill and intangible assets |
|
(806,710 |
) |
|
|
(812,761 |
) |
|
|
(818,914 |
) |
|
|
(825,531 |
) |
|
|
(832,029 |
) |
|
|
(815,945 |
) |
|
|
(816,662 |
) |
Average Tangible Assets |
$ |
14,397,331 |
|
|
$ |
14,184,085 |
|
|
$ |
14,020,793 |
|
|
$ |
13,865,245 |
|
|
$ |
13,906,005 |
|
|
$ |
14,117,813 |
|
|
$ |
13,806,112 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on Average Assets (ROA) |
|
0.89 |
% |
|
|
0.81 |
% |
|
|
0.82 |
% |
|
|
0.71 |
% |
|
|
0.80 |
% |
|
|
0.81 |
% |
|
|
0.71 |
% |
Impact of removing average intangible assets and related amortization |
|
0.17 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.19 |
|
|
|
0.17 |
|
|
|
0.19 |
|
Return on Average Tangible Assets (ROTA) |
|
1.06 |
|
|
|
0.99 |
|
|
|
1.00 |
|
|
|
0.89 |
|
|
|
0.99 |
|
|
|
0.98 |
|
|
|
0.91 |
|
Impact of other adjustments for Adjusted Net Income |
|
0.18 |
|
|
|
(0.01 |
) |
|
|
— |
|
|
|
0.15 |
|
|
|
0.05 |
|
|
|
0.08 |
|
|
|
0.22 |
|
Adjusted Return on Average Tangible Assets |
|
1.24 |
|
|
|
0.98 |
|
|
|
1.00 |
|
|
|
1.04 |
|
|
|
1.04 |
|
|
|
1.06 |
|
|
|
1.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Average Shareholders' Equity |
$ |
2,203,052 |
|
|
$ |
2,168,444 |
|
|
$ |
2,117,628 |
|
|
$ |
2,118,381 |
|
|
$ |
2,058,912 |
|
|
$ |
2,152,061 |
|
|
$ |
2,025,382 |
|
Less average goodwill and intangible assets |
|
(806,710 |
) |
|
|
(812,761 |
) |
|
|
(818,914 |
) |
|
|
(825,531 |
) |
|
|
(832,029 |
) |
|
|
(815,945 |
) |
|
|
(816,662 |
) |
Average Tangible Equity |
$ |
1,396,342 |
|
|
$ |
1,355,683 |
|
|
$ |
1,298,714 |
|
|
$ |
1,292,850 |
|
|
$ |
1,226,883 |
|
|
$ |
1,336,116 |
|
|
$ |
1,208,720 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Return on Average Shareholders' Equity |
|
6.16 |
% |
|
|
5.62 |
% |
|
|
5.74 |
% |
|
|
4.94 |
% |
|
|
5.69 |
% |
|
|
5.62 |
% |
|
|
5.14 |
% |
Impact of removing average intangible assets and related amortization |
|
4.74 |
|
|
|
4.69 |
|
|
|
5.01 |
|
|
|
4.61 |
|
|
|
5.53 |
|
|
|
4.77 |
|
|
|
5.24 |
|
Return on Average Tangible Common Equity (ROTCE) |
|
10.90 |
|
|
|
10.31 |
|
|
|
10.75 |
|
|
|
9.55 |
|
|
|
11.22 |
|
|
|
10.39 |
|
|
|
10.38 |
|
Impact of other adjustments for Adjusted Net Income |
|
1.84 |
|
|
|
(0.04 |
) |
|
|
0.01 |
|
|
|
1.60 |
|
|
|
0.58 |
|
|
|
0.86 |
|
|
|
2.42 |
|
Adjusted Return on Average Tangible Common Equity |
|
12.74 |
% |
|
|
10.27 |
% |
|
|
10.76 |
% |
|
|
11.15 |
% |
|
|
11.80 |
% |
|
|
11.25 |
% |
|
|
12.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loan interest income1 |
$ |
152,303 |
|
|
$ |
151,282 |
|
|
$ |
147,518 |
|
|
$ |
147,308 |
|
|
$ |
148,004 |
|
|
$ |
598,411 |
|
|
$ |
581,825 |
|
Accretion on acquired loans |
|
(11,717 |
) |
|
|
(9,182 |
) |
|
|
(10,178 |
) |
|
|
(10,595 |
) |
|
|
(11,324 |
) |
|
|
(41,672 |
) |
|
|
(56,689 |
) |
Loan interest income excluding accretion on acquired loans |
$ |
140,586 |
|
|
$ |
142,100 |
|
|
$ |
137,340 |
|
|
$ |
136,713 |
|
|
$ |
136,680 |
|
|
$ |
556,739 |
|
|
$ |
525,136 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Yield on loans1 |
|
5.93 |
% |
|
|
5.94 |
% |
|
|
5.93 |
% |
|
|
5.90 |
% |
|
|
5.85 |
% |
|
|
5.93 |
% |
|
|
5.88 |
% |
Impact of accretion on acquired loans |
|
(0.45 |
) |
|
|
(0.36 |
) |
|
|
(0.41 |
) |
|
|
(0.42 |
) |
|
|
(0.45 |
) |
|
|
(0.42 |
) |
|
|
(0.57 |
) |
Yield on loans excluding accretion on acquired loans |
|
5.48 |
% |
|
|
5.58 |
% |
|
|
5.52 |
% |
|
|
5.48 |
% |
|
|
5.40 |
% |
|
|
5.51 |
% |
|
|
5.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Interest Income1 |
$ |
116,115 |
|
|
$ |
106,975 |
|
|
$ |
104,657 |
|
|
$ |
105,298 |
|
|
$ |
111,035 |
|
|
$ |
433,045 |
|
|
$ |
489,043 |
|
Accretion on acquired loans |
|
(11,717 |
) |
|
|
(9,182 |
) |
|
|
(10,178 |
) |
|
|
(10,595 |
) |
|
|
(11,324 |
) |
|
|
(41,672 |
) |
|
|
(56,689 |
) |
Net interest income excluding accretion on acquired loans |
$ |
104,398 |
|
|
$ |
97,793 |
|
|
$ |
94,479 |
|
|
$ |
94,703 |
|
|
$ |
99,711 |
|
|
$ |
391,373 |
|
|
$ |
432,354 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Interest Margin |
|
3.39 |
% |
|
|
3.17 |
% |
|
|
3.18 |
% |
|
|
3.24 |
% |
|
|
3.36 |
% |
|
|
3.24 |
% |
|
|
3.77 |
% |
Impact of accretion on acquired loans |
|
(0.34 |
) |
|
|
(0.27 |
) |
|
|
(0.31 |
) |
|
|
(0.33 |
) |
|
|
(0.34 |
) |
|
|
(0.31 |
) |
|
|
(0.44 |
) |
Net interest margin excluding accretion on acquired loans |
|
3.05 |
% |
|
|
2.90 |
% |
|
|
2.87 |
% |
|
|
2.91 |
% |
|
|
3.02 |
% |
|
|
2.93 |
% |
|
|
3.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Security interest income1 |
$ |
26,986 |
|
|
$ |
26,005 |
|
|
$ |
24,195 |
|
|
$ |
22,434 |
|
|
$ |
21,451 |
|
|
$ |
99,620 |
|
|
$ |
83,364 |
|
Tax equivalent adjustment on securities |
|
(7 |
) |
|
|
(8 |
) |
|
|
(7 |
) |
|
|
(7 |
) |
|
|
(13 |
) |
|
|
(29 |
) |
|
|
(83 |
) |
Security interest income excluding tax equivalent adjustment |
$ |
26,979 |
|
|
$ |
25,997 |
|
|
$ |
24,188 |
|
|
$ |
22,427 |
|
|
$ |
21,438 |
|
|
$ |
99,591 |
|
|
$ |
83,281 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Loan interest income1 |
$ |
152,303 |
|
|
$ |
151,282 |
|
|
$ |
147,518 |
|
|
$ |
147,308 |
|
|
$ |
148,004 |
|
|
$ |
598,411 |
|
|
$ |
581,825 |
|
Tax equivalent adjustment on loans |
|
(304 |
) |
|
|
(302 |
) |
|
|
(226 |
) |
|
|
(213 |
) |
|
|
(203 |
) |
|
|
(1,045 |
) |
|
|
(720 |
) |
Loan interest income excluding tax equivalent adjustment |
$ |
151,999 |
|
|
$ |
150,980 |
|
|
$ |
147,292 |
|
|
$ |
147,095 |
|
|
$ |
147,801 |
|
|
$ |
597,366 |
|
|
$ |
581,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Net Interest Income1 |
$ |
116,115 |
|
|
$ |
106,975 |
|
|
$ |
104,657 |
|
|
$ |
105,298 |
|
|
$ |
111,035 |
|
|
$ |
433,045 |
|
|
$ |
489,043 |
|
Tax equivalent adjustment on securities |
|
(7 |
) |
|
|
(8 |
) |
|
|
(7 |
) |
|
|
(7 |
) |
|
|
(13 |
) |
|
|
(29 |
) |
|
|
(83 |
) |
Tax equivalent adjustment on loans |
|
(304 |
) |
|
|
(302 |
) |
|
|
(226 |
) |
|
|
(213 |
) |
|
|
(203 |
) |
|
|
(1,045 |
) |
|
|
(720 |
) |
Net interest income excluding tax equivalent adjustment |
$ |
115,804 |
|
|
$ |
106,665 |
|
|
$ |
104,424 |
|
|
$ |
105,078 |
|
|
$ |
110,819 |
|
|
$ |
431,971 |
|
|
$ |
488,240 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
1 On 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. |
|||||||||||||||||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250127272589/en/
Tracey L. Dexter
Chief Financial Officer
Seacoast Banking Corporation of Florida
(772) 403-0461
Source: Seacoast Banking Corporation of Florida
FAQ
What was Seacoast's (SBCF) net income for Q4 2024?
How much did SBCF's net interest margin expand in Q4 2024?
What was SBCF's loan growth in Q4 2024?
How did SBCF's deposit costs change in Q4 2024?