Core Viewpoint - Seacoast Banking (SBCF) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Ratings - The Zacks rating system is solely based on a company's changing earnings picture, tracking the Zacks Consensus Estimate for EPS from sell-side analysts [2]. - The Zacks rating upgrade for Seacoast Banking reflects an optimistic earnings outlook, likely to positively affect its stock price [3][5]. Impact of Earnings Estimates on Stock Prices - Changes in future earnings potential, as shown by earnings estimate revisions, are strongly correlated with near-term stock price movements, influenced by institutional investors [4]. - Rising earnings estimates and the resulting rating upgrade suggest an improvement in Seacoast Banking's underlying business, which should lead to higher stock prices [5]. Importance of Tracking Earnings Revisions - Empirical research indicates a strong correlation between earnings estimate revisions and near-term stock movements, making it beneficial to track these revisions for investment decisions [6]. - The Zacks Rank system effectively utilizes earnings estimate revisions to classify stocks, with Zacks Rank 1 stocks historically generating an average annual return of +25% since 1988 [7]. Specific Earnings Estimates for Seacoast Banking - Seacoast Banking is projected to earn $1.63 per share for the fiscal year ending December 2025, reflecting a year-over-year increase of 4.5% [8]. - Over the past three months, the Zacks Consensus Estimate for Seacoast Banking has risen by 2.5% [8]. Zacks Rating System Overview - The Zacks rating system maintains a balanced distribution of 'buy' and 'sell' ratings across over 4000 stocks, with only the top 5% receiving a 'Strong Buy' rating [9]. - The upgrade of Seacoast Banking to Zacks Rank 1 places it in the top 5% of Zacks-covered stocks, indicating a strong potential for market-beating returns in the near term [10].

Financial Performance - Net income reached $341 million, or $040 per diluted share[11] - Adjusted net income was $406 million, or $048 per diluted share[11] - Net interest income totaled $1161 million, a 9% increase from the prior quarter[14] - Noninterest income, excluding securities activity, increased by $20 million, or 8%[11] Profitability Ratios - Return on average tangible assets increased 7% to 106%[11] - Adjusted return on average tangible assets increased 26% to 124%[11] - Return on tangible common equity increased 6% to 1090%[11] - Adjusted return on tangible common equity increased 24% to 1274%[11] Balance Sheet Strength - Tangible book value per share increased 7% year-over-year to $1612[11] - The Tier 1 capital ratio is strong at 148%[10, 11] - Loan-to-deposit ratio is 84%[10] Loan Portfolio - Total loans reached $103 billion[32] - Record originations of $903 million in the fourth quarter[29] - The average loan size is $383 thousand, and the average commercial loan size is $814 thousand[36] Deposit Base - Total deposits remained relatively flat at $122 billion[49] - Customer transaction account balances represent 50% of total deposits[53] - Consumer deposits represent 41% of total deposits, with an average balance per account of $25 thousand[53] Wealth Management - Assets under management increased 20% year-over-year, reaching $21 billion[16, 18] - Nearly $450 million in new assets under management were added during 2024[18] Noninterest Expense - Noninterest expense totaled $856 million, a 1% increase from the prior quarter[24] - Employee compensation and benefits totaled $489 million, a 3% increase[24]

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 -- ...