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 ...

Group 1 - Seacoast Banking Corporation of Florida will release its second quarter 2024 results on July 25th, after market close [1] - The company has $14.8 billion in assets and $12.0 billion in deposits as of March 31, 2024 [2] - Seacoast provides a range of financial services including commercial and consumer banking, wealth management, and mortgage services [2] Group 2 - A conference call to discuss the second quarter 2024 earnings results will be held on July 26th at 10:00 a.m. Eastern Time [4] - Investors can access charts during the conference call via the company's website [4] - A recording of the conference call will be available shortly after the event and can be accessed for one year [4]

STUART, Fla., May 20, 2024 (GLOBE NEWSWIRE) -- Seacoast Bank, the banking subsidiary of Seacoast Banking Corporation of Florida (NASDAQ:SBCF) and one of the largest community banks in Florida, welcomes Tony Coley as Regional President for South Florida. Tony has over three decades of demonstrated success leading high-performing teams and has a profound understanding of the South Florida market. "Tony is passionate about new business development, community involvement and company culture which aligns perfect ...

Part I FINANCIAL INFORMATION [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Seacoast Banking Corporation of Florida reported **$26.0 million net income** for Q1 2024, with total assets growing to **$14.83 billion** and deposits to **$12.02 billion** [Consolidated Statements of Income](index=3&type=section&id=Consolidated%20Statements%20of%20Income) Net income more than doubled to **$26.0 million** in Q1 2024, driven by lower provision for credit losses and reduced noninterest expense, despite decreased net interest income | Financial Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--- | :--- | :--- | | **Total Interest Income** | $175,706 thousand | $157,991 thousand | | **Total Interest Expense** | $70,628 thousand | $26,839 thousand | | **Net Interest Income** | $105,078 thousand | $131,152 thousand | | **Provision for credit losses** | $1,368 thousand | $31,598 thousand | | **Total Noninterest Income** | $20,497 thousand | $22,445 thousand | | **Total Noninterest Expense** | $90,371 thousand | $107,475 thousand | | **Net Income** | $26,006 thousand | $11,827 thousand | | **Diluted EPS** | $0.31 | $0.15 | [Consolidated Balance Sheets](index=6&type=section&id=Consolidated%20Balance%20Sheets) Total assets increased to **$14.83 billion** as of March 31, 2024, driven by cash and securities, while net loans slightly decreased and deposits rose to **$12.02 billion** | Balance Sheet Item | March 31, 2024 (in thousands) | December 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | $14,830,015 | $14,580,249 | | Total cash and cash equivalents | $682,724 | $447,182 | | Total debt securities | $2,619,359 | $2,516,333 | | Loans, net of allowance | $9,831,383 | $9,914,009 | | Goodwill | $732,417 | $732,417 | | **Total Liabilities** | $12,712,265 | $12,472,163 | | Deposits | $12,015,840 | $11,776,935 | | **Total Shareholders' Equity** | $2,117,750 | $2,108,086 | [Consolidated Statements of Cash Flows](index=7&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) Q1 2024 saw **$24.7 million** net cash from operations, **$25.7 million** used in investing, and **$236.6 million** provided by financing, leading to a **$235.5 million** net increase in cash | Cash Flow Activity | Three Months Ended March 31, 2024 (in thousands) | Three Months Ended March 31, 2023 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | $24,672 | $13,045 | | **Net cash (used in) provided by investing activities** | ($25,714) | $192,718 | | **Net cash provided by financing activities** | $236,584 | $383,540 | | **Net increase in cash and cash equivalents** | $235,542 | $589,303 | [Notes to Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover securities with **unrealized losses**, a loan portfolio with increased nonaccrual loans, the allowance for credit losses, derivatives, regulatory capital, and the 2023 acquisition - As of March 31, 2024, the Available-for-Sale (AFS) securities portfolio had a fair value of **$1.95 billion** with gross unrealized losses of **$223.6 million**[27](index=27&type=chunk)[33](index=33&type=chunk) - The Held-to-Maturity (HTM) portfolio had an amortized cost of **$669.9 million** with a fair value of **$540.2 million**[38](index=38&type=chunk) - Management believes unrealized losses are due to interest rate movements, not credit quality, and has not recorded an allowance for credit losses on these securities[38](index=38&type=chunk) - Total loans were **$9.98 billion** at March 31, 2024[42](index=42&type=chunk) - Nonaccrual loans increased to **$77.2 million** from **$65.1 million** at year-end 2023[46](index=46&type=chunk) - The allowance for credit losses (ACL) stood at **$146.7 million**, or **1.47%** of total loans[57](index=57&type=chunk) - The company uses interest rate swaps to hedge changes in the fair value of its AFS securities and a pool of residential mortgages[67](index=67&type=chunk)[68](index=68&type=chunk) - As of March 31, 2024, the notional amount of these hedges totaled **$600 million**[69](index=69&type=chunk) - The acquisition of Professional Holding Corp. on January 31, 2023, added approximately **$2.0 billion** in loans and **$2.1 billion** in deposits[81](index=81&type=chunk) - The total purchase price for the acquisition was **$421.0 million**, resulting in **$251.7 million** of goodwill[82](index=82&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=30&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Q1 2024 net income rose **120%** to **$26.0 million** due to lower credit loss provisions, despite a **20%** drop in net interest income and margin compression to **3.24%** [Results of Operations](index=32&type=section&id=Results%20of%20Operations) Q1 2024 net income increased **120%** to **$26.0 million**, or **$0.31** diluted EPS, primarily due to a significantly lower provision for credit losses | Performance Metric | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Income | $26.0M | $29.5M | $11.8M | | Diluted EPS | $0.31 | $0.35 | $0.15 | | Adjusted Net Income (Non-GAAP) | $31.1M | $31.4M | $23.7M | | Adjusted Diluted EPS (Non-GAAP) | $0.37 | $0.37 | $0.29 | | Return on average tangible assets (Non-GAAP) | 0.89% | 0.99% | 0.52% | | Efficiency ratio | 66.78% | 60.32% | 64.62% | [Net Interest Income and Margin](index=32&type=section&id=Net%20Interest%20Income%20and%20Margin) Net interest income decreased **20%** to **$105.1 million** in Q1 2024, with net interest margin compressing to **3.24%** due to rising deposit costs | Metric (Tax Equivalent Basis) | Q1 2024 | Q4 2023 | Q1 2023 | | :--- | :--- | :--- | :--- | | Net Interest Income | $105.3M | $111.0M | $131.4M | | Net Interest Margin | 3.24% | 3.36% | 4.31% | | Yield on Earning Assets | 5.41% | 5.36% | 5.19% | | Rate on Interest Bearing Liabilities | 3.20% | 2.98% | 1.43% | | Cost of Deposits | 2.19% | 2.00% | 0.77% | - Accretion on acquired loans contributed **33 basis points** to the net interest margin in Q1 2024, down from **53 basis points** in Q1 2023[104](index=104&type=chunk) [Noninterest Income](index=35&type=section&id=Noninterest%20Income) Noninterest income decreased **9%** to **$20.5 million** in Q1 2024, primarily due to lower interchange income, partially offset by a Visa stock sale gain | Noninterest Income Component | Q1 2024 (in thousands) | Q4 2023 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | :--- | | Service charges on deposit accounts | $4,960 | $4,828 | $4,242 | | Interchange income | $1,888 | $2,433 | $4,694 | | Wealth management income | $3,540 | $3,261 | $3,063 | | Securities gains (losses), net | $229 | ($2,437) | $107 | | **Total Noninterest Income** | **$20,497** | **$17,338** | **$22,445** | - Interchange income decreased significantly year-over-year due to the Durbin amendment, effective for the Company on July 1, 2023[114](index=114&type=chunk) - A net securities gain of **$0.2 million** was recognized, resulting from a **$4.1 million** gain on the sale of Visa Class B stock, largely offset by **$3.8 million** in losses on the sale of other investment securities[118](index=118&type=chunk) [Noninterest Expenses](index=36&type=section&id=Noninterest%20Expenses) Noninterest expense decreased **16%** to **$90.4 million** in Q1 2024, reflecting lower merger-related charges and current quarter system consolidation and lease termination costs | Noninterest Expense Component | Q1 2024 (in thousands) | Q4 2023 (in thousands) | Q1 2023 (in thousands) | | :--- | :--- | :--- | :--- | | Salaries and wages | $40,304 | $38,435 | $47,616 | | Outsourced data processing costs | $12,118 | $8,609 | $14,553 | | Legal and professional fees | $2,151 | $3,294 | $7,479 | | **Total Noninterest Expense** | **$90,371** | **$86,367** | **$107,475** | - Q1 2024 expenses included **$4.1 million** in charges for contract terminations and modifications to consolidate systems and **$0.8 million** for early lease terminations[121](index=121&type=chunk)[122](index=122&type=chunk) - Q1 2023 expenses included **$17.5 million** in merger-related charges from the Professional acquisition, primarily in data processing, legal fees, and salaries[90](index=90&type=chunk)[119](index=119&type=chunk)[124](index=124&type=chunk) [Financial Condition](index=40&type=section&id=Financial%20Condition) Total assets grew to **$14.8 billion**, deposits to **$12.0 billion**, while net loans decreased; credit quality remained stable, and capital ratios exceeded 'well-capitalized' minimums - Total assets were **$14.8 billion** as of March 31, 2024, an increase of **2%** from December 31, 2023[131](index=131&type=chunk) - The loan portfolio decreased by **1%** to **$10.0 billion**, while the securities portfolio increased by **$103.0 million** to **$2.6 billion**[133](index=133&type=chunk)[140](index=140&type=chunk) - Total deposits increased by **2%** to **$12.0 billion**[167](index=167&type=chunk) - Uninsured and uncollateralized deposits represented **29%** of total deposits[172](index=172&type=chunk) - The company remains well-capitalized with a CET1 ratio of **14.01%** and a Total Risk-Based Capital Ratio of **16.14%** at March 31, 2024[188](index=188&type=chunk) [Item 3. Quantitative and Qualitative Disclosures about Market Risk](index=51&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) Interest rate risk is managed via ALCO, with simulations showing a **+200 bps** rate shock could decrease NII by **8.1%** and EVE by **14.1%** Projected Impact of Interest Rate Changes on Net Interest Income (as of March 31, 2024) | Change in Interest Rates | % Change in NII (1-12 months) | % Change in NII (13-24 months) | | :--- | :--- | :--- | | +2.00% | (8.1)% | (7.6)% | | +1.00% | (3.5)% | (3.1)% | | -1.00% | 0.7% | —% | | -2.00% | 0.2% | (2.5)% | Projected Impact of Interest Rate Changes on Economic Value of Equity (EVE) | Change in Interest Rates | % Change in EVE | | :--- | :--- | | +2.00% | (14.1)% | | +1.00% | (6.0)% | | -1.00% | 4.7% | | -2.00% | 8.0% | [Item 4. Controls and Procedures](index=51&type=section&id=Item%204.%20Controls%20and%20Procedures) Management confirmed effective disclosure controls and procedures as of March 31, 2024, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of March 31, 2024[206](index=206&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter ended March 31, 2024[207](index=207&type=chunk) Part II OTHER INFORMATION [Item 1. Legal Proceedings](index=52&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in routine legal actions, none of which are expected to materially impact financial condition or results - Management does not expect any current legal proceedings to have a material adverse effect on the company[208](index=208&type=chunk) [Item 1A. Risk Factors](index=52&type=section&id=Item%201A.%20Risk%20Factors) No material changes to previously disclosed risk factors were reported since the 2023 Annual Report on Form 10-K - No material changes to risk factors were reported since the 2023 Form 10-K filing[209](index=209&type=chunk) [Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=52&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%2C%20Use%20of%20Proceeds%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) In Q1 2024, **9,796 shares** were repurchased at **$27.67** average price for tax purposes, separate from the **$100 million** authorized repurchase program - The Board of Directors authorized a renewal of the share repurchase program for up to **$100 million**, expiring on December 31, 2024[210](index=210&type=chunk) - No shares were repurchased under the authorized program during the three months ended March 31, 2024[211](index=211&type=chunk) Share Repurchases in Q1 2024 | Period | Total Shares Purchased | Average Price Paid Per Share | | :--- | :--- | :--- | | 1/1/24 to 1/31/24 | 8,200 | $28.46 | | 2/1/24 to 2/29/24 | 1,596 | $24.14 | | 3/1/24 to 3/31/24 | 0 | N/A | | **Total - 1st Quarter** | **9,796** | **$27.67** | [Item 5. Other Information](index=53&type=section&id=Item%205.%20Other%20Information) A board member adopted a Rule 10b5-1 plan to sell up to **60,000 shares** of common stock, with sales commencing after Q1 2024 results disclosure - A board member, Dennis S. Hudson, III, established a Rule 10b5-1 trading plan to sell up to **60,000 shares** of common stock[214](index=214&type=chunk)

Start Time: 10:00 January 1, 0000 10:42 AM ET Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q1 2024 Earnings Conference Call April 26, 2024, 10:00 AM ET Company Participants Chuck Shaffer - Chairman and CEO Tracey Dexter - EVP and CFO James Stallings - EVP and Chief Credit Officer Michael Young - EVP, Treasurer and Director of IR Conference Call Participants Brandon King - Truist Securities David Pfister - Raymond James Woody Lay - KBW Stephen Scouten - Piper Sandler David Bishop - Hovde Group Opera ...

SEACOAST REPORTS FIRST QUARTER 2024 RESULTS Q1 Highlights Included Impressive Growth in Deposits, Successful Completion of Our Expense Initiative, and Building Wealth and Lending Pipelines Strong Capital Position Builds Quarter over Quarter STUART, Fla., April 25, 2024 /GLOBE NEWSWIRE/ -- Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") (NASDAQ: SBCF) today reported net income in the first quarter of 2024 of $26.0 million, or $0.31 per diluted share, compared to $29.5 million, or $0.35 ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's Telephone Number, Including Area Code) For the fiscal year ended December 31, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Securities registered pursuant to Section 12(b) of the Act: For the transition period from _______ to _________ Commission File No. 0-13660 | Title of each c ...

Financial Data and Key Metrics Changes - Seacoast reported net income of $0.35 per share in Q4 2023, with an adjusted net income of $0.43 per share, excluding certain losses [14] - The pretax pre-provision return on tangible assets was 1.48%, and the adjusted return on tangible common equity was nearly 12% [10] - The efficiency ratio improved to 60% from 62.6% in the previous quarter [23][14] - Tier 1 capital ratio increased to 14.6%, positioning the company among the strongest banks in the nation [10][15] Business Line Data and Key Metrics Changes - Net interest income declined by $8.5 million or 7% during the quarter, primarily due to lower purchased loan accretion and higher deposit costs [16] - The loan portfolio grew by 2% annualized from the previous quarter, with average loan yields increasing to 5.4% [24][12] - Wealth Management revenues increased by 16% year-over-year, reaching $12.8 million [20] Market Data and Key Metrics Changes - Assets under management increased by 23% year-over-year to a record $1.7 billion, with significant new client acquisition [19] - Noninterest income, excluding securities activity, rose by $1.6 million to $19.8 million in Q4 [45] Company Strategy and Development Direction - The company is focused on maintaining a conservative balance sheet while strategically investing to stimulate growth in low-cost deposits [13] - Seacoast aims to optimize efficiency, having reduced headcount by 6% in Q3, which contributed to an 8% decrease in expenses in Q4 [39][7] - The company is exploring opportunities for M&A, particularly targeting smaller community banks under $1 billion [134] Management's Comments on Operating Environment and Future Outlook - Management noted that the first half of 2024 is expected to represent the low point for net interest margin and income [4] - The company anticipates three rate cuts in 2024, which could positively impact deposit flows and overall financial performance [125] - Management expressed confidence in the strength of their capital position and allowance for credit losses, which positions them well to navigate economic challenges [123][51] Other Important Information - The allowance for credit losses totaled $148.9 million, or 1.48% of total loans, indicating a strong position relative to peers [51] - The company recognized $2.9 million in losses on the sale of securities, reinvesting proceeds into higher-yielding securities [43] Q&A Session Summary Question: How does the company plan to fund loan growth and grow deposits in 2024? - Management indicated that deposit growth may be slightly below loan growth, with a focus on organic growth initiatives [65] Question: What are the expectations regarding credit quality and potential normalization? - Management noted that the increase in nonperforming loans was due to a couple of credits and expressed confidence in the overall credit quality [62] Question: How will the company manage the impact of higher insurance costs on borrowers? - Management acknowledged the challenges posed by increased insurance costs but stated that most borrowers are managing these pressures effectively [93] Question: What is the outlook for M&A activity in the near future? - Management indicated that conversations around M&A are picking up, with a focus on smaller community banks that fit their strategic criteria [134]

| --- | --- | |-------|-------| | | | | | | | | | | | | | EARNINGS PRESENTATION | | | FOURTH QUARTER AND FULL YEAR 2023 | 2023 | 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, enhance ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _______________ to __________________. Commission File No. 0-13660 Seacoast Banking Corporation of Florida (Exact Name of Registrant as Specified in its Cha ...