Seacoast Banking of Florida(US:SBCF)2025-02-25 22:07Interest Rate Risk - Seacoast Banking Corporation of Florida's projected baseline net interest income is expected to decrease by 16.6% over the next 12 months if interest rates increase by 3.00%[340]. - The company's interest sensitivity gap is reported at $4,111,526, indicating a significant exposure to interest rate fluctuations[345]. - A 3.00% increase in interest rates could lead to a 26.1% decrease in the economic value of equity by December 31, 2024[351]. - The company is exposed to market risks from changes in interest rates, which could affect net interest income and overall financial performance[347]. - Interest rate risk management strategies are regularly reviewed by senior management and the Asset-Liability Committee (ALCO) to optimize financial position and limit volatility[339]. Financial Performance - Net interest income for Q4 2024 was $115,804,000, an increase from $110,819,000 in Q4 2023, reflecting a year-over-year growth of approximately 4.4%[358]. - Total noninterest income for Q4 2024 was $17,068,000, compared to $17,338,000 in Q4 2023, indicating a slight decrease of about 1.6%[358]. - Net income for Q4 2024 reached $34,085,000, up from $29,543,000 in Q4 2023, representing an increase of approximately 15.8%[358]. - The provision for credit losses in Q4 2024 was $3,699,000, compared to $3,990,000 in Q4 2023, showing a decrease of about 7.3%[358]. - Interest income for Q4 2024 was $185,930,000, compared to $176,855,000 in Q4 2023, marking an increase of about 5.9%[358]. - Interest expense for Q4 2024 was $70,126,000, up from $66,036,000 in Q4 2023, indicating an increase of approximately 6.4%[358]. - The company's net income per diluted share for Q4 2024 was $0.40, compared to $0.35 in Q4 2023, representing an increase of approximately 14.3%[358]. Dividends and Stock Performance - The company declared cash dividends of $0.18 per common share for each quarter in 2024, consistent with the dividend declared in 2023[359]. - The market price of common stock reached a high close of $30.71 in Q4 2024, compared to a high close of $27.01 in Q4 2023, reflecting an increase of approximately 13.3%[359]. - The cumulative total stockholder return on Seacoast common stock was 98.54 as of December 31, 2024, compared to 99.02 in 2023, indicating a slight decline of about 0.5%[356]. Regulatory and Market Concerns - The company anticipates a potential increase in regulatory capital requirements, which may impact future growth plans[22]. - Seacoast's ability to manage liquidity risk is critical, especially in light of recent high-profile bank failures affecting customer confidence[21]. - The impact of inflationary pressures and changes in interest rates on customer behavior and credit risk is a significant concern for the company[21]. - The company holds $10,317,227 in loans, with a significant portion concentrated in commercial real estate[345]. - Total earning assets amount to $13,585,618, with non-maturity deposits constituting $7,274,182[345].