Seacoast Banking of Florida(SBCF) - 2024 Q4 - Annual Results

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].