Seacoast Banking of Florida(US:SBCF)2025-01-28 19:32Financial 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]