EARNINGS PRESENTATION Cautionary Notice Regarding Forward-Looking Statements This presentation 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 earning ...

Core Insights - Seacoast Banking (SBCF) reported revenue of $132.87 million for Q4 2024, a year-over-year increase of 3.7% [1] - The company's EPS for the same period was $0.48, up from $0.35 a year ago, representing a surprise of +60.00% compared to the consensus estimate of $0.30 [1] - The reported revenue exceeded the Zacks Consensus Estimate of $128.8 million by +3.16% [1] Financial Metrics - Net Interest Margin was reported at 3.4%, surpassing the average estimate of 3.2% from three analysts [4] - Efficiency Ratio stood at 56.3%, significantly better than the average estimate of 65.3% from three analysts [4] - Total Net Charge-offs to Average Loans was 0.2%, matching the average estimate from two analysts [4] - Total nonperforming loans amounted to $92.45 million, higher than the average estimate of $76.96 million from two analysts [4] - Total nonperforming assets were reported at $98.87 million, exceeding the average estimate of $83.34 million from two analysts [4] - Average Balance of Total Earning Assets was $13.64 billion, slightly below the average estimate of $13.65 billion from two analysts [4] - Total noninterest income was $17.07 million, lower than the average estimate of $19.79 million from three analysts [4] - Net interest income - FTE was reported at $116.12 million, above the average estimate of $110.39 million from three analysts [4] - Net interest income reached $115.80 million, exceeding the average estimate of $110.13 million from two analysts [4] Stock Performance - Shares of Seacoast Banking have returned -1.9% over the past month, contrasting with the Zacks S&P 500 composite's +1.1% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Insights - Seacoast Banking (SBCF) reported quarterly earnings of $0.48 per share, exceeding the Zacks Consensus Estimate of $0.30 per share, and showing an increase from $0.35 per share a year ago, resulting in an earnings surprise of 60% [1] - The company achieved revenues of $132.87 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 3.16% and up from $128.16 million year-over-year [2] - The stock has underperformed the market, losing about 2.9% since the beginning of the year compared to the S&P 500's gain of 3.7% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.36 on revenues of $133.5 million, and for the current fiscal year, it is $1.59 on revenues of $556 million [7] - The estimate revisions trend for Seacoast Banking is favorable, leading to a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [6] Industry Context - The Banks - Southeast industry, to which Seacoast Banking belongs, is currently in the top 24% of over 250 Zacks industries, suggesting a positive outlook for stocks within this sector [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Financial Performance - Net income for Q4 2024 was $34.1 million, or $0.40 per diluted share, up from $30.7 million, or $0.36 per diluted share in Q3 2024, and $29.5 million, or $0.35 per diluted share in Q4 2023[1]. - Adjusted net income for Q4 2024 was $40.6 million, or $0.48 per diluted share, compared to $30.5 million, or $0.36 per diluted share in Q3 2024, and $31.4 million, or $0.37 per diluted share in Q4 2023[2]. - Pre-tax pre-provision earnings were $47.9 million in Q4 2024, an increase of $1.8 million, or 4%, from Q3 2024, and an increase of $5.9 million, or 14%, from Q4 2023[4]. - Net revenues for Q4 2024 were $132.9 million, an increase of $2.5 million, or 2%, from Q3 2024, and an increase of $4.7 million, or 4%, from Q4 2023[4]. - The net income for Q4 2024 was $34.1 million, an increase from $30.7 million in Q3 2024[13]. - Seacoast Banking Corporation of Florida reported a net income of $34.085 million for Q4 2024, an increase from $29.543 million in Q4 2023, representing a growth of 15.8% year-over-year[21]. - Adjusted net income for Q4 2024 was $40.556 million, compared to $31.363 million in Q4 2023, reflecting a year-over-year increase of 29.3%[21]. - Net income for the fourth quarter of 2024 was $34,085 thousand, an increase of 11.8% compared to $30,651 thousand in the third quarter of 2024[29]. Income and Expenses - Noninterest income totaled $17.1 million in Q4 2024, a decrease of $6.6 million, or 28%, from Q3 2024, and a decrease of $0.3 million, or 2%, from Q4 2023[5]. - Noninterest expense was $85.6 million in Q4 2024, an increase of $0.8 million, or 1%, from Q3 2024, and a decrease of $0.8 million, or 1%, from Q4 2023[5]. - Total Noninterest Expense for Q4'24 was $85.58 million, an increase of 1% from Q3'24 and a decrease of 1% from Q4'23[22]. - The company reported total noninterest expense of $85,575 thousand for the fourth quarter, a slight increase from $84,818 thousand in the third quarter[29]. Asset and Loan Growth - Assets under management increased by $341.7 million, or 20%, reaching $2.1 billion at December 31, 2024[5]. - As of December 31, 2024, total assets were $15.2 billion, and total shareholders' equity was $2.2 billion, with a book value per share of $25.51[8]. - Loans increased by $94.7 million, or 3.7% annualized, totaling $10.3 billion as of December 31, 2024, with loan originations rising 37% to $902.6 million in Q4 2024[8]. - Total assets increased to $15,176,308 thousand as of December 31, 2024, compared to $14,580,249 thousand a year earlier, reflecting a growth of 4.1%[23]. - Total loans reached $10,299,950 thousand, up from $10,062,940 thousand in the same quarter last year, representing a year-over-year increase of 2.4%[24]. - Total deposits were $12.2 billion as of December 31, 2024, remaining nearly flat compared to the previous quarter[13]. - Total deposits remained stable at $12,242,427 thousand, compared to $11,776,935 thousand a year earlier, reflecting a growth of 3.9%[23]. Credit Quality - The provision for credit losses was $3.7 million in Q4 2024, down from $6.3 million in Q3 2024 and $4.0 million in Q4 2023[5]. - Nonperforming loans increased to $92.4 million at December 31, 2024, compared to $80.9 million at September 30, 2024, with a nonperforming loans to total loans ratio of 0.90%[10]. - Nonperforming loans increased to $92,446 thousand, up from $65,104 thousand in the previous year, indicating a rise of 42%[24]. - The allowance for credit losses stood at $138,055 thousand, slightly down from $148,931 thousand a year ago, showing a decrease of 7.3%[24]. - The total allowance for credit losses to total loans ratio was 1.34% at the end of Q4 2024, down from 1.48% a year earlier[24]. Efficiency and Ratios - The efficiency ratio improved to 56.26% in Q4 2024, compared to 59.84% in Q3 2024 and 60.32% in Q4 2023[6]. - The adjusted efficiency ratio improved to 56.07% in the fourth quarter, down from 59.84% in the third quarter[29]. - Return on average assets (GAAP basis) increased to 0.89% in Q4 2024, compared to 0.80% in Q4 2023[21]. - Adjusted Return on Average Tangible Common Equity (ROTCE) increased to 12.74% in Q4'24 compared to 10.27% in Q3'24[31]. Capital and Shareholder Information - The Tier 1 capital ratio was 14.8% as of December 31, 2024, consistent with the previous quarter and up from 14.0% a year earlier[12]. - Average shareholders' equity reached $2,203,052,000 in Q4'24, compared to $2,168,444,000 in Q3'24[31]. - Cash dividends declared remained consistent at $0.18 per share for Q4 2024, unchanged from Q4 2023[21]. - Cash dividends declared for Q4'24 remained steady at $0.18 per share, consistent with previous quarters[22]. Future Outlook - The company plans to host a conference call on January 28, 2025, to discuss Q4 2024 earnings results and business trends[14].

Core Insights - Seacoast Banking (SBCF) is expected to report quarterly earnings of $0.30 per share, reflecting a year-over-year decline of 14.3% [1] - Anticipated revenues are projected at $128.8 million, showing a slight increase of 0.5% compared to the same quarter last year [1] Earnings Estimates - The consensus EPS estimate has remained unchanged over the last 30 days, indicating stability in analysts' projections [2] - Changes in earnings projections are crucial for predicting investor reactions, with empirical studies linking earnings estimate trends to short-term stock price movements [3] Key Financial Metrics - Analysts estimate the 'Net Interest Margin' to be 3.2%, down from 3.4% in the previous year [4] - The 'Efficiency Ratio' is forecasted to be 65.3%, an increase from 60.3% reported in the same quarter last year [5] - 'Total nonperforming loans' are expected to reach $76.96 million, up from $65.10 million a year ago [5] - 'Total nonperforming assets' are estimated at $83.34 million, compared to $72.66 million in the previous year [5] Additional Metrics - The 'Average Balance - Total Earning Assets' is projected at $13.65 billion, an increase from $13.10 billion in the same quarter last year [6] - 'Total noninterest income' is expected to be $19.79 million, up from $17.34 million a year ago [6] - 'Net interest income - FTE' is likely to reach $110.39 million, slightly down from $111.04 million in the same quarter last year [7] - 'Net interest income' is projected at $110.13 million, compared to $110.82 million reported in the same quarter last year [7] Market Performance - Over the past month, Seacoast Banking shares have declined by 1.8%, while the Zacks S&P 500 composite has increased by 2.1% [7] - With a Zacks Rank of 2 (Buy), SBCF is expected to outperform the overall market in the upcoming period [7]

Core Viewpoint - Seacoast Banking Corporation of Florida has renewed its share repurchase program, allowing for the repurchase of up to $100 million of its common stock, which represents approximately 4% of its outstanding shares, with the program set to expire on December 31, 2025 [1][2]. Group 1: Share Repurchase Program Details - The renewed repurchase program allows shares to be repurchased in various ways, including open market purchases and privately negotiated transactions, in compliance with applicable legal and regulatory requirements [2][3]. - The timing and number of shares repurchased will be at the Company's discretion, influenced by factors such as market conditions, financial performance, and regulatory requirements [3][4]. - The Board has the authority to suspend, terminate, or modify the repurchase program at any time without notice, based on market conditions and other strategic considerations [4]. Group 2: Company Overview - Seacoast Banking Corporation of Florida is one of the largest community banks in Florida, with approximately $15.2 billion in assets and $12.2 billion in deposits as of September 30, 2024 [5]. - The Company offers a range of financial services, including commercial and consumer banking, wealth management, and mortgage services, through 77 full-service branches and advanced online banking solutions [5].

Financial Performance - Net income for Q3 2024 was $30.7 million, or $0.36 per average diluted share, a 1% increase from the prior quarter [136]. - Adjusted net income for the nine months ended September 30, 2024, was $91.9 million, compared to $101.9 million for the same period in 2023 [141]. - Net income for Q3 2024 was $30,651,000, a slight increase from $30,244,000 in Q2 2024 but a decrease from $31,414,000 in Q3 2023 [181]. - Adjusted net income for Q3 2024 was $30,511,000, compared to $30,277,000 in Q2 2024 and $34,170,000 in Q3 2023, reflecting a decrease of 10.3% year-over-year [181]. - Earnings per diluted share remained stable at $0.36 in Q3 2024, consistent with Q2 2024, but down from $0.37 in Q3 2023 [181]. Loan and Deposit Growth - Loans grew 6.6% on an annualized basis to $10.2 billion, with a strong loan pipeline of $831.1 million [137]. - Customer deposits increased by $195.9 million, or 6.6% annualized, excluding brokered deposits [137]. - Average loans increased by $123.7 million, or 1%, in Q3 2024 compared to Q2 2024, and by $85.2 million, or 1%, from Q3 2023 [148]. - Total deposits increased by $466.7 million, or 4.0%, to $12.2 billion at September 30, 2024, compared to December 31, 2023 [234]. - The loan portfolio totaled $10.2 billion, reflecting an increase of $142.3 million, or 1.4%, from December 31, 2023 [194]. Interest Income and Margin - Net interest income for Q3 2024 totaled $106.7 million, a 2% increase from Q2 2024, but an 11% decrease from Q3 2023 [143]. - Net interest margin was 3.17%, nearly flat compared to 3.18% in the prior quarter [138]. - The yield on loans increased to 5.94% in Q3 2024, unchanged from Q2 2024 and Q3 2023 [144]. - Net interest income for Q3 2024 was $107.0 million, a 2% increase from Q2 2024 but a 10% decrease from Q3 2023 [144]. - The cost of deposits was 2.34% in Q3 2024, up from 1.79% in Q3 2023, reflecting a 55 basis point increase [151]. Noninterest Income - Noninterest income rose to $23.7 million, representing a 33% year-over-year increase compared to Q3 2023 [138]. - Noninterest income totaled $23.7 million for Q3 2024, a 7% increase from Q2 2024 and a 33% increase from Q3 2023 [160]. - Service charges on deposits increased to $5.4 million in Q3 2024, up 17% from $4.6 million in Q3 2023 [160]. - Wealth management income rose to $3.8 million in Q3 2024, a 22.6% increase from $3.1 million in Q3 2023, with assets under management growing by $276.5 million to $2.0 billion [162]. - Other income reached $7.5 million in Q3 2024, a 74% increase from $4.3 million in Q3 2023 [165]. Expenses and Efficiency - Noninterest expenses for Q3 2024 totaled $84.8 million, a 3% increase from Q2 2024, but a 10% decrease from Q3 2023 [169]. - The efficiency ratio improved to 59.84% in Q3 2024 from 62.60% in Q3 2023 [142]. - Salaries and wages in Q3 2024 were $40.7 million, a 14% decrease compared to $46.4 million in Q3 2023, reflecting a workforce reduction [170]. - Total noninterest expense was $84,818,000 in Q3 2024, up from $82,537,000 in Q2 2024 but down from $93,915,000 in Q3 2023, showing a year-over-year decrease of 9.7% [181]. Capital and Asset Quality - The Tier 1 capital ratio stood at 14.8%, indicating a strong capital position [138]. - Shareholders' equity increased to $2,168,444 thousand, reflecting a solid capital position [157]. - The allowance for credit losses decreased to $141,974 thousand from $146,380 thousand in the previous quarter [157]. - The ratio of nonperforming loans to total loans outstanding increased to 0.79% at September 30, 2024, up from 0.65% at December 31, 2023 [215]. - The allowance for credit losses to total loans ratio was 1.38% at September 30, 2024, down from 1.47% at December 31, 2023 [223]. Risk Management - Interest rate risk is the primary market risk for the Company, managed through simulation modeling and regular reviews by senior management [263]. - The ALCO regularly reviews the interest rate sensitivity position and establishes policies to monitor and limit exposure to interest rate risk [263]. - The Economic Value of Equity (EVE) is sensitive to interest rate changes, with a +2.00% change resulting in a decrease of 14.3% in equity [268]. - The company reassesses assumptions regarding the indeterminate lives of core deposits using independent third-party resources [265]. - Legal proceedings currently faced by the company are not expected to materially affect its consolidated financial position or operating results [272].

Financial Data and Key Metrics Changes - Seacoast reported net income of $30.7 million or $0.36 per share in Q3 2024, with pretax pre-provision earnings increasing nearly $2 million quarter-over-quarter [7] - Tangible book value per share increased 20% annualized to $16.20 [7] - Net interest income expanded by $2.3 million during the quarter, with a core net interest margin increasing 3 basis points to 2.90% [9][8] - Non-interest income increased 7% from the prior quarter and 33% from the prior year quarter [8] Business Line Data and Key Metrics Changes - Loan production showed strong growth with balances increasing at an annualized rate of 6.6% [7] - Non-interest income excluding securities activity increased to $23.5 million, driven by service charges and wealth management [10] - Non-interest expense for the quarter was $84.8 million, with an efficiency ratio improving to 59.8% [11] Market Data and Key Metrics Changes - Total deposits grew 4.2% annualized, with customer deposits growing 6.6% annualized [7] - Non-interest bearing accounts grew over 5% annualized [7] - Assets under management increased 16% year-to-date to just under $2 billion [10] Company Strategy and Development Direction - The company is focused on organic growth driven by investments in talented banking teams across Florida [6] - Seacoast aims to establish itself as the leading player in Florida, maintaining conservative balance sheet principles [6] - The company is committed to driving shareholder value through disciplined expense management and growth in non-interest income [17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the Florida economy's resilience despite challenges from hurricanes and insurance costs [37] - The company anticipates continued expansion of net interest income and core net interest margin in Q4 2024 [9] - Management is focused on achieving profitability targets, aiming for an ROA above 1% in the future [22] Other Important Information - The allowance for credit losses totaled $140.5 million or 1.38% of total loans, providing substantial loss absorption capacity [13] - The company has managed its loan portfolio with a diverse distribution across categories, maintaining a disciplined credit culture [12] Q&A Session Summary Question: Margin outlook and deposit costs - Management expects continued margin expansion in Q4, with deposit costs decreasing [18][19] Question: Loan growth sustainability - The company anticipates mid-single-digit loan growth in the coming quarters, despite potential impacts from hurricanes [20][21] Question: Non-interest bearing deposits growth - Management is optimistic about the growth of non-interest bearing deposits due to new client onboarding [29] Question: Impact of hurricanes on the economy - Management believes the Florida economy will recover from hurricane impacts, with limited long-term effects [37] Question: Payoff trends - The company experienced lower levels of payoffs this quarter, contributing positively to net growth [40][41] Question: Wealth management growth - Management views wealth management as a strong business and is open to acquisition opportunities in this area [44][45] Question: Future M&A activity - While there are ongoing conversations regarding M&A, the company will remain disciplined and prioritize organic growth [53]

Seacoast Banking (SBCF) reported $130.34 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 4.9%. EPS of $0.36 for the same period compares to $0.37 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $128.57 million, representing a surprise of +1.38%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.36.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- ...

Seacoast Banking (SBCF) came out with quarterly earnings of $0.36 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $0.37 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this holding company for Seacoast National Bank would post earnings of $0.33 per share when it actually produced earnings of $0.36, delivering a surprise of 9.09%.Over the last four quarters, the company has surpassed consensus EPS estimates just o ...