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 ...

Strong Growth in Loans and Deposits Annualized 20% Increase in Tangible Book Value Per Share Well-Positioned Balance Sheet with Strong Capital and Liquidity STUART, Fla., Oct. 24, 2024 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the third quarter of 2024 of $30.7 million, or $0.36 per diluted share, compared to $30.2 million, or $0.36 per diluted share in the second quarter of 2024 and $31.4 million, or $0.37 per dilu ...

STUART, Fla., Oct. 17, 2024 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF), announced that on October 17, 2024, the Company's Board of Directors declared a quarterly cash dividend to the holders of the Company's common stock of $0.18 per share. The dividend is payable on December 31, 2024 to shareholders of record at the close of business on December 13, 2024. Seacoast Banking Corporation of Florida, through its wholly owned subsidiary Seacoast Natio ...

STUART, Fla., Oct. 01, 2024 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (NASDAQ: SBCF), a bank holding company whose operating entity is Seacoast Bank, today announced it will release third quarter 2024 results on October 24th, after the market closes. Upon release, investors may access a copy of Seacoast's earnings results at the company's website www.SeacoastBanking.com on the home page by selecting "Press Releases" under the heading "News/Events." Seacoast will host a conference call Octo ...

Financial Performance - Net income for Q2 2024 was $30.2 million, or $0.36 per average diluted share, a 16% increase from Q1 2024 [116]. - Adjusted net income for the first half of 2024 totaled $61.4 million, or $0.72 per average diluted share, compared to $67.7 million, or $0.81 per average diluted share for the same period in 2023 [117]. - Net income for Q2 2024 was $30,244,000, an increase of 8.5% from $26,006,000 in Q1 2024, but a decrease of 3.2% from $31,249,000 in Q2 2023 [149]. - Adjusted net income for Q2 2024 was $30,277,000, slightly down from $31,132,000 in Q1 2024 and down 30.3% from $43,489,000 in Q2 2023 [149]. - Earnings per diluted share for Q2 2024 was $0.36, an increase from $0.31 in Q1 2024, but a decrease from $0.37 in Q2 2023 [149]. - Total noninterest income for Q2 2024 was $22,184,000, up 8.2% from $20,497,000 in Q1 2024, but down 6.4% from $21,576,000 in Q2 2023 [149]. Interest Income and Expenses - Net interest income for Q2 2024 was $104.4 million, a decrease of $22.5 million, or 18%, compared to Q2 2023 [120]. - For the six months ended June 30, 2024, net interest income totaled $209.5 million, a decrease of $48.6 million, or 19%, compared to the same period in 2023 [120]. - Net interest income for Q2 2024 was $104.7 million, a decrease of 1% from Q1 2024 and an 18% decrease from Q2 2023 [122]. - The yield on total loans increased from 5.88% for the six months ended June 30, 2023, to 5.92% for the same period in 2024 [122]. - The cost of average total deposits for the six months ended June 30, 2024, was 2.25%, an increase of 116 basis points compared to the same period in 2023 [126]. - The average rate on long-term debt for Q2 2024 was 7.03%, a decrease of 28 basis points from Q1 2024 and an increase of 23 basis points from Q2 2023 [129]. Asset Quality - Nonperforming loans decreased compared to the prior quarter, indicating improved asset quality [116]. - Nonperforming assets decreased to $66.8 million at June 30, 2024, down 8.1% from $72.7 million at December 31, 2023 [173]. - The ratio of allowance for credit losses to total loans was 1.41% at June 30, 2024, down from 1.48% at December 31, 2023 [180]. - The company recorded net charge-offs of $9.9 million in Q2 2024, compared to $0.7 million in Q2 2023 [180]. Capital and Equity - The Tier 1 capital ratio stood at 14.8%, reflecting a strong capital position [116]. - Shareholders' equity stood at $2,117,628 thousand in Q2 2024, slightly down from $2,118,381 thousand in Q1 2024 [131]. - The Company's equity capital increased by $22.3 million, or 1%, to $2.1 billion at June 30, 2024 [198]. - The total risk-based capital ratio was 16.20% at June 30, 2024, well above the minimum requirement of 10.00% [201]. Lending Activities - The overall lending pipeline increased to $834.4 million, indicating growth in lending activities [116]. - Total loans, net reached $10,005,122 thousand with a yield of 5.93% in Q2 2024, compared to $10,034,658 thousand and 5.90% in Q1 2024 [131]. - Commercial and commercial real estate originations in Q2 2024 were $406.0 million, a 56% increase from Q1 2024 and a 32% increase from Q2 2023 [167]. - Residential mortgage loans increased by $109.6 million to $2.6 billion during the six months ended June 30, 2024 [165]. Noninterest Expenses - Noninterest expenses for Q2 2024 totaled $82.5 million, a decrease of $7.8 million (9%) from Q1 2024 and a decrease of $25.3 million (23%) from Q2 2023 [140]. - Salaries and wages for Q2 2024 were $38.9 million, down $6.3 million (14%) from Q2 2023 [140]. - Employee benefits in Q2 2024 were $6.9 million, a decrease of $1.0 million (13%) from Q1 2024 and a decrease of $0.6 million (8%) from Q2 2023 [141]. - Provision for credit losses was $4.9 million in Q2 2024, compared to $1.4 million in Q1 2024 and a net benefit of $0.8 million in Q2 2023 [145]. Market and Economic Conditions - The company's primary market risk is interest rate risk, which significantly impacts net interest income and Economic Value of Equity (EVE) due to the structure of the balance sheet [213]. - A 2.00% increase in interest rates is projected to decrease EVE by 14.5%, while a 1.00% increase would decrease EVE by 6.3% [217]. - Inflation increases costs for the company, impacting liquidity, earnings, and shareholders' equity [210]. - Interest rates have a more significant impact on the company's performance than general inflation, affecting mortgage origination and refinancing activities [210].

Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q2 2024 Earnings Conference Call July 26, 2024 10:00 AM ET Company Participants Chuck Shaffer - Chairman & Chief Executive Officer Tracey Dexter - Chief Financial Officer Michael Young - Treasurer & Director, Investor Relations Conference Call Participants David Feaster - Raymond James Woody Lay - KBW Brandon King - Truist Securities Stephen Scouten - Piper Sandler Operator Welcome to Seacoast Banking Corporation's Second Quarter 2024 Earnings Conference ...