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 ...

Seacoast Banking (SBCF) reported $126.61 million in revenue for the quarter ended June 2024, representing a year-over-year decline of 14.8%. EPS of $0.36 for the same period compares to $0.37 a year ago. Here is how Seacoast Banking performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a s ...

This quarterly report represents an earnings surprise of 9.09%. A quarter ago, it was expected that this holding company for Seacoast National Bank would post earnings of $0.34 per share when it actually produced earnings of $0.31, delivering a surprise of -8.82%. Seacoast Banking, which belongs to the Zacks Banks - Southeast industry, posted revenues of $126.61 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.48%. This compares to year-ago revenues of $148.54 million. T ...

1 1 STUART, Fla., July 25, 2024 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the second quarter of 2024 of $30.2 million, or $0.36 per diluted share, compared to $26.0 million, or $0.31 per diluted share in the first quarter of 2024 and $31.2 million, or $0.37 per diluted share in the second quarter of 2023. Adjusted net income for the second quarter of 2024 was $30.3 million, or $0.36 per diluted share, compared to $31 ...

STUART, Fla., July 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 second quarter 2024 results on July 25th, 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 July 26 ...