Well-Positioned Balance Sheet with Strong
Capital and Liquidity
Strategic Expense Measures
Executed
Robust Capital Position Builds
Significantly Quarter over Quarter
STUART, Fla., Jan. 25, 2024 (GLOBE NEWSWIRE) --
Seacoast Banking Corporation of Florida ("Seacoast" or the
"Company") (NASDAQ: SBCF) today reported net income in the fourth
quarter of 2023 of $29.5 million, or $0.35 per diluted share,
compared to $31.4 million, or $0.37 per diluted share in the third
quarter of 2023 and $23.9 million, or $0.34 per diluted share in
the fourth quarter of 2022. For the year ended December 31,
2023, net income was $104.0 million, or $1.23 per diluted share,
compared to $106.5 million, or $1.66 per diluted share, for the
year ended December 31, 2022.
Adjusted net income1 for the fourth
quarter of 2023 was $36.5 million, or $0.43 per diluted share,
compared to $39.7 million, or $0.46 per diluted share in the third
quarter of 2023 and $39.9 million, or $0.56 per diluted share in
the fourth quarter of 2022. Adjusted net income1 for the
year ended December 31, 2023 was $154.7 million, or $1.83 per
diluted share, compared to $136.1 million, or $2.12 per diluted
share, for the year ended December 31, 2022.
Pre-tax pre-provision earnings1 were
$42.0 million in the fourth quarter of 2023, a decrease of 3%
compared to the third quarter of 2023 and a decrease of 9% compared
to the fourth quarter of 2022. Pre-tax pre-provision
earnings1 for the year ended December 31, 2023 were
$172.6 million, an increase of $7.8 million, or 5%, when compared
to the year ended December 31, 2022. Adjusted pre-tax pre-provision
earnings1 were $51.9 million in the fourth quarter of
2023, a decrease of 5% compared to the third quarter of 2023 and a
decrease of 22% compared to the fourth quarter of 2022. Adjusted
pre-tax pre-provision earnings1 for the year ended
December 31, 2023 were $242.6 million, an increase of $38.9
million, or 19%, when compared to the year ended December 31,
2022.
For the fourth quarter of 2023, return on
average tangible assets was 0.99% and return on average tangible
shareholders' equity was 11.22%, compared to 1.04% and 11.90%,
respectively, in the prior quarter, and 0.94% and 10.36%,
respectively, in the prior year quarter. Adjusted return on average
tangible assets1 in the fourth quarter of 2023 was 1.04%
and adjusted return on average tangible shareholders'
equity1 was 11.80%, compared to 1.12% and 12.79%,
respectively, in the prior quarter, and 1.36% and 15.05%,
respectively, in the prior year quarter. For the year ended
December 31, 2023, return on average tangible assets was 0.91%
and return on average tangible shareholders' equity was 10.38%,
compared to 1.06% and 10.70%, respectively, for the year ended
December 31, 2022. For the year ended December 31, 2023,
adjusted return on average tangible assets1 was 1.12%
and adjusted return on average tangible shareholders'
equity1 was 12.80%, compared to 1.27% and 12.86%,
respectively, for the year ended December 31, 2022.
Charles M. Shaffer, Seacoast's Chairman and CEO,
said, "Seacoast once again delivered a quarter of robust financial
performance, remaining steadfast in our commitment to driving
growth in shareholder value. Throughout the quarter, our dedication
to disciplined expense management effectively countered margin
compression, which we believe has positioned the Company optimally
for the coming year. Looking ahead to the first quarter of 2024, we
will execute the second phase of our expense initiative,
anticipating one-time charges of approximately $5 million and a
reduction in annual expenses of approximately $15 million."
Shaffer added, "Early in the fourth quarter, we
took advantage of market conditions and repurchased 546,200 shares
of our common stock at $19.80 per share. Even with this repurchase
activity, the ratio of tangible common equity to tangible assets
increased to 9.31% and tangible book value per share increased to
$15.08.”
Shaffer concluded, "As we embark on 2024, we
remain diligently focused on maintaining our conservative balance
sheet principles and carefully managing our expense base while
investing to drive low-cost deposit growth. We believe this
rigorous approach will support solid capital growth, maintain a
broadly diversified and stable funding base, and continue to
bolster the Company’s fortress balance sheet while increasing
franchise value over the long run.”
Financial Results
Income Statement
- Net
income was $29.5 million, or $0.35 per diluted share, for
the fourth quarter of 2023 compared to net income of $31.4 million,
or $0.37 per diluted share, for the prior quarter, and $23.9
million, or $0.34 per diluted share, for the prior year quarter.
For the year ended December 31, 2023, net income was $104.0
million, or $1.23 per diluted share, compared to
$106.5 million, or $1.66 per diluted share, for the year ended
December 31, 2022. Adjusted net income1 for the fourth
quarter of 2023 was $36.5 million, or $0.43 per diluted share,
compared to $39.7 million, or $0.46 per diluted share, for the
prior quarter, and $39.9 million, or $0.56 per diluted share, for
the prior year quarter. For the year ended December 31, 2023,
adjusted net income1 was $154.7 million, or $1.83 per
diluted share, compared to $136.1 million, or $2.12 per diluted
share, for the year ended December 31, 2022.
- Net
revenues were $128.2 million in the fourth quarter of
2023, a decrease of $8.9 million, or 7%, compared to the prior
quarter, and a decrease of $9.2 million, or 7%, compared to the
prior year quarter. For the year ended December 31, 2023, net
revenues were $567.4 million, an increase of $135.1 million, or
31%, compared to the year ended December 31, 2022. Adjusted
revenues on a fully taxable equivalent basis1 were
$130.8 million in the fourth quarter of 2023, a decrease of $6.9
million, or 5%, compared to the prior quarter, and a decrease of
$6.7 million, or 5%, compared to the prior year quarter. For the
year ended December 31, 2023, adjusted revenues on a fully
taxable equivalent basis1 were $569.0 million, an
increase of $135.1 million, or 31%, compared to the year ended
December 31, 2022.
- Pre-tax
pre-provision earnings1 were
$42.0 million in the fourth quarter of 2023, a decrease of 3%
compared to the third quarter of 2023 and a decrease of 9% compared
to the fourth quarter of 2022. Pre-tax pre-provision
earnings1 for the year ended December 31, 2023 were
$172.6 million, an increase of $7.8 million, or 5%, when compared
to the year ended December 31, 2022. Adjusted pre-tax pre-provision
earnings1 were $51.9 million in the fourth quarter of
2023, a decrease of 5% compared to the third quarter of 2023 and a
decrease of 22% compared to the fourth quarter of 2022. Adjusted
pre-tax pre-provision earnings1 for the year ended
December 31, 2023 were $242.6 million, an increase of $38.9
million, or 19%, compared to the year ended December 31, 2022
- Net
interest income totaled $110.8 million in the fourth
quarter of 2023, a decrease of $8.5 million, or 7%, from the third
quarter of 2023 and a decrease of $8.9 million, or 7%, compared to
the fourth quarter of 2022. During the fourth quarter of 2023,
higher interest expense on deposits was driven by higher rates and
changes in product mix. Accretion on acquired loans totaled $11.3
million in the fourth quarter of 2023, $14.8 million in the third
quarter of 2023, and $9.7 million in the fourth quarter of 2022.
For the year ended December 31, 2023, net interest income was
$488.2 million, an increase of $122.1 million, or 33%, compared to
the year ended December 31, 2022. Accretion on acquired loans
totaled $56.7 million for the year ended December 31, 2023,
compared to $18.4 million for the year ended December 31, 2022. The
year-over-year increase in accretion reflects the impact of
purchase marks from bank acquisitions in late 2022 and early
2023.
- Net interest
margin decreased 21 basis points to 3.36% in the fourth
quarter of 2023 compared to 3.57% in the third quarter of 2023.
Excluding the effects of accretion on acquired loans, net interest
margin decreased 11 basis points to 3.02% in the fourth quarter of
2023 compared to 3.13% in the third quarter of 2023. Loan yields
contracted eight basis points from the prior quarter to 5.85% due
to lower accretion of purchase discount on acquired loans.
Excluding the effects of accretion on acquired loans, loan yields
increased six basis points, from 5.34% in the third quarter of 2023
to 5.40% in the fourth quarter of 2023. Securities yields increased
10 basis points to 3.42%, compared to 3.32% in the prior quarter.
The cost of deposits increased 21 basis points, from 1.79% in the
prior quarter, to 2.00% for the fourth quarter of 2023.
-
Noninterest income totaled $17.3 million in the
fourth quarter of 2023, a decrease of $0.5 million, or 3%, compared
to the prior quarter, and a decrease of $0.3 million, or 2%,
compared to the prior year quarter. Results for the fourth quarter
of 2023 included $2.9 million in losses on the sale of
approximately $82.9 million, or 3%, of the bank’s investment
securities portfolio. The proceeds were reinvested into
longer-duration, higher-yielding securities, with an expected
earnback on the transaction of approximately 1.3 years. Offsetting
realized losses on sales of securities during the fourth quarter of
2023 was a $0.5 million increase in the value of investments in
mutual funds holding CRA-qualified debt securities. Other changes
compared to the third quarter of 2023 included the following:
- Interchange
income increased $0.7 million, or 44%, to $2.4 million, benefiting
from an annual volume-based incentive earned from the payment
network provider. The Durbin amendment, which limits network
interchange fees earned on debit card transactions, became
effective for Seacoast on July 1, 2023.
- SBA gains
increased $0.3 million, or 50%, to $0.9 million due to higher
saleable originations.
- Other income
increased $0.4 million, or 8%, to $4.7 million, reflecting higher
loan swap-related income.
- The
provision for credit losses was $4.0 million in
the fourth quarter of 2023, compared to $2.7 million in the third
quarter of 2023 and $14.1 million in the fourth quarter of 2022.
Included in the fourth quarter of 2022 was a $15.0 million day-1
provision associated with two bank acquisitions.
-
Noninterest expense was $86.4 million in the
fourth quarter of 2023, a decrease of $7.5 million, or 8%, compared
to the prior quarter, and a decrease of $5.1 million, or 6%,
compared to the prior year quarter. For the year ended
December 31, 2023, noninterest expense was $395.6 million,
compared to $267.9 million for the year ended December 31, 2022.
Changes compared to the third quarter of 2023 included:
- Salaries and
wages decreased $8.0 million to $38.4 million. The third quarter of
2023 included $3.2 million in severance-related expenses arising
from the Company’s reduction in workforce. Of the remaining $4.8
million decrease, $1.7 million reflects the full quarter impact of
the workforce reduction on salaries expense, and $2.8 million is
attributed to higher loan production resulting in higher deferral
of salary-related costs.
- Marketing
expense increased $1.1 million to $3.0 million reflecting
additional investments in branding and targeted campaigns.
- Legal and
professional fees increased $0.6 million to $3.3 million in the
fourth quarter of 2023, primarily the result of one-time legal fees
associated with a closed matter.
- FDIC assessments
increased $0.6 million to $2.8 million, with the full year expense
reflecting the year-over-year growth in the Company’s asset
size.
- Foreclosed
property expense increased $0.3 million to $0.6 million in the
fourth quarter of 2023 due to write-downs in the value of
properties previously used in bank operations.
- Other
noninterest expenses decreased $0.7 million to $6.5 million,
benefiting from ongoing expense discipline.
- Seacoast
recorded $8.3 million of income tax expense in the
fourth quarter of 2023, compared to $9.1 million in the third
quarter of 2023, and $7.8 million in the fourth quarter of 2022.
Tax benefits related to stock-based compensation totaled $0.6
million in the fourth quarter of 2023, were nominal in the third
quarter of 2023, and totaled $0.2 million in the fourth quarter of
2022.
- The efficiency
ratio was 60.32% in the fourth quarter of 2023, compared
to 62.60% in the third quarter of 2023 and 63.39% in the prior year
quarter. The adjusted efficiency
ratio1 was 60.32% in the
fourth quarter of 2023, compared to 60.19% in the third quarter of
2023 and 51.52% in the prior year quarter. The efficiency ratio for
the year ended December 31, 2023 was 64.07% compared to 60.01%
for the year ended December 31, 2022. The adjusted efficiency
ratio1 for the year ended December 31, 2023 was
57.35% compared to 53.03% for the year ended December 31, 2022. The
increase in the efficiency ratio in 2023 reflects the impact of
higher deposit rates.
Balance Sheet
- At December 31,
2023, the Company had total assets of $14.6
billion and total shareholders'
equity of $2.1 billion. Book value per
share was $24.84 as of December 31, 2023, compared to
$24.06 as of September 30, 2023, and $22.45 as of December 31,
2022. Tangible book value per share totaled $15.08
as of December 31, 2023 compared to $14.26 at September 30, 2023,
and $14.69 as of December 31, 2022.
- Debt
securities totaled $2.5 billion as of December 31, 2023, a
decrease of $16.9 million, or 1%, compared to September 30, 2023.
Debt securities include approximately $1.8 billion in securities
held at fair value and classified as available for sale. Unrealized
losses on debt securities available for sale declined by $73.4
million, or 26%, in the fourth quarter of 2023, benefiting from
changes in market interest rates. Unrealized losses on available
for sale securities are fully reflected in the value presented on
the balance sheet. The portfolio also includes $680.3 million in
securities classified as held to maturity with a fair value of
$558.4 million. Held-to-maturity securities consist solely of
mortgage-backed securities and collateralized mortgage obligations
guaranteed by U.S. government agencies, each of which is expected
to recover any price depreciation over its holding period as the
debt securities move to maturity. The Company has significant
liquidity and available borrowing capacity and has the intent and
ability to hold these investments to maturity.
-
Loans increased $51.8 million
during the fourth quarter of 2023, totaling $10.1 billion as of
December 31, 2023. The Company continues to exercise a disciplined
approach to lending, carefully underwriting loans to strict
underwriting guidelines and setting high expectations for risk
adjusted returns.
- Loan
originations were $477.9 million in the fourth
quarter of 2023, an increase of 95% compared to $244.6 million in
the third quarter of 2023. New add on yields were near 8% during
the fourth quarter of 2023.
- Commercial
originations were $334.2 million during the fourth quarter of 2023,
compared to $94.0 million in the third quarter of 2023 and $482.2
million in the fourth quarter of 2022.
- SBA originations
were $25.0 million during the fourth quarter of 2023, compared
to $12.5 million in the third quarter of 2023 and
$7.4 million in the fourth quarter of 2022.
- Consumer
originations in the fourth quarter of 2023 decreased to
$61.8 million from $76.5 million in the third quarter of
2023 and from $88.7 million in the fourth quarter of
2022.
- Closed
residential loans retained in the portfolio totaled
$41.2 million in the fourth quarter of 2023, compared to
$44.0 million in the third quarter of 2023 and
$74.3 million in the fourth quarter of 2022.
- Residential
loans originated for sale in the secondary market totaled
$15.6 million in the fourth quarter of 2023, compared to
$17.6 million in the third quarter of 2023 and
$10.7 million in the fourth quarter of 2022.
- Loan
pipelines (loans in underwriting and approval or approved
and not yet closed) totaled $393.0 million as of December 31,
2023, an increase of 11% from September 30, 2023 and a decrease of
13% from December 31, 2022.
- Commercial
pipelines were $306.5 million as of December 31, 2023, an increase
of 18% from $259.4 million at September 30, 2023, and a decrease of
21% from $389.7 million at December 31, 2022.
- SBA pipelines
were $20.6 million as of December 31, 2023, compared to $41.4
million at September 30, 2023 and $6.0 million at December 31,
2022.
- Consumer
pipelines were $18.7 million as of December 31, 2023, a
decrease of $5.7 million from $24.5 million at September 30, 2023,
and a decrease of 49% from $36.6 million at December 31, 2022.
- Retained
residential pipelines were $44.4 million as of December 31, 2023,
compared to $20.9 million at September 30, 2023, and $17.1 million
at December 31, 2022. Residential saleable pipelines were $2.7
million as of December 31, 2023, compared to $6.8 million at
September 30, 2023, and $4.2 million at December 31, 2022.
- Total
deposits were $11.8 billion as of
December 31, 2023, a decrease of $330.9 million when compared to
September 30, 2023, and an increase of $1.8 billion, or 18%,
compared to December 31, 2022. Seacoast’s granular, longstanding
deposit base is a hallmark of our franchise and serves as a
significant source of strength.
- Total customer
funding, which includes sweep repurchase accounts and excludes
brokered deposits, was $12.0 billion, declining modestly by
$47 million during the fourth quarter of 2023.
- Quarter over
quarter, attorney IOTA and title company balances declined by
nearly $100 million due to lower real estate activity at
year-end. This seasonal dynamic also occurred in the fourth quarter
of 2022.
- At December 31,
2023, transaction account balances represented 54% of overall
deposits.
- Noninterest
demand deposits represent 30% of overall deposits.
- The Company
benefits from a granular deposit franchise, with the top ten
depositors representing only 4% of total deposits.
- Average deposits
per banking center were $153 million at December 31,
2023.
- Uninsured
deposits represented only 35% of overall deposit accounts as of
December 31, 2023. This includes public funds under the Florida
Qualified Public Depository program, which provides loss protection
to depositors beyond FDIC insurance limits. Excluding such
balances, the uninsured and uncollateralized deposits were 29% of
total deposits. The Company has liquidity sources including cash
and lines of credit with the Federal Reserve and Federal Home Loan
Bank that represent 145% of uninsured deposits, and 176% of
uninsured and uncollateralized deposits.
- Consumer
deposits represent 40% of overall deposit funding with an average
consumer customer balance of $24 thousand. Commercial deposits
represent 60% of overall deposit funding with an average business
customer balance of $109 thousand.
- Federal Home
Loan Bank advances totaled $50.0 million at December 31, 2023 with
an interest rate of 3.23%. In the aggregate, borrowed funds,
including FHLB advances, subordinated debt and brokered deposits
represented only 2.2% of total liabilities as of December 31, 2023.
During the fourth quarter of 2023, the Company paid down
$245.6 million in FHLB advances and brokered deposits.
Asset Quality
- Credit
metrics remain strong, though nonperforming, criticized,
and classified loans have increased slightly from historic low
levels. The Company maintains robust concentration management,
focused on sustaining a diversified and granular loan
portfolio.
-
Nonperforming loans were $65.1 million at December
31, 2023, an increase from $41.5 million at September 30,
2023. Nonperforming loans to total loans outstanding were 0.65% at
December 31, 2023, 0.41% at September 30, 2023, and 0.35% at
December 31, 2022.
-
Nonperforming assets to total assets increased to
0.50% at December 31, 2023, compared to 0.33% at September 30,
2023, and 0.26% at December 31, 2022.
-
The ratio of allowance for credit losses
to total loans was 1.48% at December 31, 2023, 1.49% at
September 30, 2023, and 1.40% at December 31, 2022.
- Net
charge-offs were $4.7 million in the fourth quarter of
2023, a decrease of $8.0 million from $12.7 million in the third
quarter of 2023.
-
Portfolio diversification, in terms of asset mix,
industry, and loan type, has been a critical element of the
Company's lending strategy. Exposure across industries and
collateral types is broadly distributed. Seacoast's average loan
size is $326 thousand, and the average commercial loan size is $744
thousand, reflecting an ability to maintain granularity within the
overall loan portfolio.
-
Construction and land development
and commercial real estate loans remain well below
regulatory guidance at 48% and 246% of total bank-level risk-based
capital, respectively, compared to 51% and 248%, respectively, at
September 30, 2023. On a consolidated basis, construction and land
development and commercial real estate loans represent 45% and
228%, respectively, of total consolidated risk-based capital.
Capital and
Liquidity
- The Company
continues to operate with a fortress balance sheet with a
Tier 1 capital ratio at December 31, 2023 of 14.6%
compared to 14.0% at September 30, 2023, and 14.8% at December 31,
2022. The Total capital ratio was 15.9%, the
Common Equity Tier 1 capital ratio was 13.9%, and
the Tier 1 leverage ratio was 11.0% at December
31, 2023. The Company is considered “well capitalized” based on
applicable U.S. regulatory capital ratio requirements.
- Cash and
cash equivalents at December 31, 2023 totaled $447.2
million.
- Tangible
common equity to tangible assets was 9.31% at December 31,
2023, compared to 8.68% at September 30, 2023, and 9.08% at
December 31, 2022. If all held-to-maturity securities were adjusted
to fair value at December 31, 2023, the tangible common equity
ratio would have been 8.68%.
- At December 31,
2023, in addition to $447.2 million in cash, the Company had $5.5
billion in available borrowing capacity, including
$4.5 billion in available collateralized lines of credit,
$0.7 billion of unpledged debt securities available as
collateral for potential additional borrowings, and available
unsecured lines of credit of $0.3 billion. These liquidity
sources as of December 31, 2023 represented 176% of uninsured and
uncollateralized deposits.
- Under its
share repurchase program, the Company is
authorized to purchase up to $100 million of its shares of
outstanding common stock. Under this program during the fourth
quarter of 2023, the Company repurchased 546,200 shares at a
weighted average price of $19.80 per share.
Recognition
- In October 2023,
Seacoast was recognized among Fortune’s Best
Workplaces for Women for 2023. Seacoast sets a leading
example by fostering inclusivity, empowering women, and creating a
workplace where every individual can reach their full
potential.
- Seacoast has
been Certified™ by Great Place To
Work® for 2023. As the global authority on workplace
culture, Great Place To Work® brings 30 years of groundbreaking
research and data to recognize workplaces that create the
conditions for an overwhelmingly positive employee experience.
Seacoast has also earned specific recognition from the
South Florida Business Journal, the Orlando Business
Journal, American Banker, and the Guide to Greater
Gainesville.
1Non-GAAP measure, see
“Explanation of Certain Unaudited Non-GAAP Financial Measures" for
more information and for a reconciliation to GAAP.
|
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS |
|
|
|
|
|
|
|
(Amounts in thousands except per share data) |
(Unaudited) |
|
Quarterly Trends |
|
|
|
|
|
|
|
|
|
|
|
4Q'23 |
|
3Q'23 |
|
2Q'23 |
|
1Q'23 |
|
4Q'22 |
Selected balance sheet data: |
|
|
|
|
|
|
|
|
|
Gross loans |
$ |
10,062,940 |
|
|
$ |
10,011,186 |
|
|
$ |
10,117,919 |
|
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
Total deposits |
|
11,776,935 |
|
|
|
12,107,834 |
|
|
|
12,283,267 |
|
|
|
12,309,701 |
|
|
|
9,981,595 |
|
Total assets |
|
14,580,249 |
|
|
|
14,823,007 |
|
|
|
15,041,932 |
|
|
|
15,255,408 |
|
|
|
12,145,762 |
|
|
|
|
|
|
|
|
|
|
|
Performance measures: |
|
|
|
|
|
|
|
|
|
Net income |
$ |
29,543 |
|
|
$ |
31,414 |
|
|
$ |
31,249 |
|
|
$ |
11,827 |
|
|
$ |
23,927 |
|
Net interest margin |
|
3.36 |
% |
|
|
3.57 |
% |
|
|
3.86 |
% |
|
|
4.31 |
% |
|
|
4.36 |
% |
Pre-tax pre-provision earnings1 |
|
42,006 |
|
|
|
43,383 |
|
|
|
40,864 |
|
|
|
46,321 |
|
|
|
45,999 |
|
Average diluted shares outstanding |
|
85,336 |
|
|
|
85,666 |
|
|
|
85,536 |
|
|
|
80,717 |
|
|
|
71,374 |
|
Diluted earnings per share (EPS) |
$ |
0.35 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
0.15 |
|
|
$ |
0.34 |
|
Return on (annualized): |
|
|
|
|
|
|
|
|
|
Average assets (ROA) |
|
0.80 |
% |
|
|
0.84 |
% |
|
|
0.84 |
% |
|
|
0.34 |
% |
|
|
0.78 |
% |
Average tangible assets (ROTA)2 |
|
0.99 |
|
|
|
1.04 |
|
|
|
1.06 |
|
|
|
0.52 |
|
|
|
0.94 |
|
Average tangible common equity (ROTCE)2 |
|
11.22 |
|
|
|
11.90 |
|
|
|
12.08 |
|
|
|
5.96 |
|
|
|
10.36 |
|
Tangible common equity to tangible assets2 |
|
9.31 |
|
|
|
8.68 |
|
|
|
8.53 |
|
|
|
8.36 |
|
|
|
9.08 |
|
Tangible book value per share2 |
$ |
15.08 |
|
|
$ |
14.26 |
|
|
$ |
14.24 |
|
|
$ |
14.25 |
|
|
$ |
14.69 |
|
Efficiency ratio |
|
60.32 |
% |
|
|
62.60 |
% |
|
|
67.34 |
% |
|
|
65.43 |
% |
|
|
63.39 |
% |
|
|
|
|
|
|
|
|
|
|
Adjusted operating measures1: |
|
|
|
|
|
|
|
|
|
Adjusted net income |
$ |
36,505 |
|
|
$ |
39,737 |
|
|
$ |
49,203 |
|
|
$ |
29,241 |
|
|
$ |
39,926 |
|
Adjusted pre-tax pre-provision earnings |
|
51,904 |
|
|
|
54,806 |
|
|
|
64,856 |
|
|
|
71,081 |
|
|
|
66,649 |
|
Adjusted diluted EPS |
|
0.43 |
|
|
|
0.46 |
|
|
|
0.58 |
|
|
|
0.36 |
|
|
|
0.56 |
|
Adjusted ROTA2 |
|
1.04 |
% |
|
|
1.12 |
% |
|
|
1.41 |
% |
|
|
0.90 |
% |
|
|
1.36 |
% |
Adjusted ROTCE2 |
|
11.80 |
|
|
|
12.79 |
|
|
|
16.08 |
|
|
|
10.34 |
|
|
|
15.05 |
|
Adjusted efficiency ratio |
|
60.32 |
|
|
|
60.19 |
|
|
|
56.44 |
|
|
|
53.10 |
|
|
|
51.52 |
|
Net adjusted noninterest expense as a percent of average
tangible assets2 |
|
2.25 |
|
|
|
2.34 |
|
|
|
2.40 |
|
|
|
2.47 |
|
|
|
2.42 |
|
|
|
|
|
|
|
|
|
|
|
Other data: |
|
|
|
|
|
|
|
|
|
Market capitalization3 |
$ |
2,415,158 |
|
|
$ |
1,869,891 |
|
|
$ |
1,880,407 |
|
|
$ |
2,005,241 |
|
|
$ |
2,233,761 |
|
Full-time equivalent employees |
|
1,541 |
|
|
|
1,570 |
|
|
|
1,670 |
|
|
|
1,650 |
|
|
|
1,490 |
|
Number of ATMs |
|
96 |
|
|
|
97 |
|
|
|
96 |
|
|
|
97 |
|
|
|
100 |
|
Full-service banking offices |
|
77 |
|
|
|
77 |
|
|
|
78 |
|
|
|
83 |
|
|
|
78 |
|
1Non-GAAP measure, see “Explanation of
Certain Unaudited Non-GAAP Financial Measures" for more information
and a reconciliation to GAAP. |
2The Company defines tangible assets as
total assets less intangible assets, and tangible common equity as
total shareholders' equity less intangible assets. |
3Common shares outstanding multiplied by
closing bid price on last day of each period. |
|
OTHER INFORMATION
Conference Call Information
Seacoast will host a conference call January 26th,
2024, at 10:00 a.m. (Eastern Time) to discuss the fourth quarter
2023 earnings results and business trends. Investors may call in
(toll-free) by dialing (800) 715-9871 (Conference ID: 4160956).
Charts will be used during the conference call and may be accessed
at Seacoast’s website at www.SeacoastBanking.com by selecting
“Presentations” under the heading “News/Events.” Additionally, a
recording of the call will be made available to individuals shortly
after the conference call and can be accessed via a link at
www.SeacoastBanking.com under the heading “Corporate Information.”
The recording will be available for one year.
About Seacoast Banking Corporation of
Florida (NASDAQ: SBCF)
Seacoast Banking Corporation of Florida (NASDAQ: SBCF) is one of
the largest community banks headquartered in Florida with
approximately $14.6 billion in assets and $11.8 billion in deposits
as of December 31, 2023. Seacoast provides integrated
financial services including commercial and consumer banking,
wealth management, and mortgage services to customers at 77
full-service branches across Florida, and through advanced mobile
and online banking solutions. Seacoast National Bank is the
wholly-owned subsidiary bank of Seacoast Banking Corporation of
Florida. For more information about Seacoast, visit
www.SeacoastBanking.com.
Tracey L. Dexter
Chief Financial Officer
Seacoast Banking Corporation of Florida
(772) 403-0461
Cautionary Notice Regarding
Forward-Looking Statements
This press release 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 (the “Exchange Act”),
including, without limitation, statements about future financial
and operating results, cost savings, enhanced revenues, economic
and seasonal conditions in the Company’s markets, and improvements
to reported earnings that may be realized from cost controls, tax
law changes, new initiatives and for integration of banks that the
Company has acquired, or expects to acquire, as well as statements
with respect to Seacoast's objectives, strategic plans,
expectations and intentions and other statements that are not
historical facts. Actual results may differ from those set forth in
the forward-looking statements.
Forward-looking statements include
statements with respect to the Company’s beliefs, plans,
objectives, goals, expectations, anticipations, assumptions,
estimates and intentions about future performance and involve known
and unknown risks, uncertainties and other factors, which may be
beyond the Company’s control, and which may cause the actual
results, performance or achievements of Seacoast Banking
Corporation of Florida (“Seacoast” or the “Company”) or its
wholly-owned banking subsidiary, Seacoast National Bank (“Seacoast
Bank”), to be materially different from results, performance or
achievements expressed or implied by such forward-looking
statements. You should not expect the Company to update any
forward-looking statements.
All statements other than statements of
historical fact could be forward-looking statements. You can
identify these forward-looking statements through the use of words
such as "may", "will", "anticipate", "assume", "should", "support",
"indicate", "would", "believe", "contemplate", "expect",
"estimate", "continue", "further", "plan", "point to", "project",
"could", "intend", "target" or other similar words and expressions
of the future. These forward-looking statements may not be realized
due to a variety of factors, including, without limitation: the
impact of current and future economic and market conditions
generally (including seasonality) and in the financial services
industry, nationally and within Seacoast’s primary market areas,
including the effects of inflationary pressures, changes in
interest rates, slowdowns in economic growth, and the potential for
high unemployment rates, as well as the financial stress on
borrowers and changes to customer and client behavior and credit
risk as a result of the foregoing; potential impacts of adverse
developments in the banking industry highlighted by high-profile
bank failures, including impacts on customer confidence, deposit
outflows, liquidity and the regulatory response thereto;
governmental monetary and fiscal policies, including interest rate
policies of the Board of Governors of the Federal Reserve, as well
as legislative, tax and regulatory changes, including those that
impact the money supply and inflation; the risks of changes in
interest rates on the level and composition of deposits (as well as
the cost of, and competition for, deposits), loan demand, liquidity
and the values of loan collateral, securities, and interest rate
sensitive assets and liabilities; interest rate risks (including
the impact of continued elevated interest rates on macroeconomic
conditions, customer and client behavior, as well as potential
reductions in benchmark interest rates and the resulting impacts on
net interest income), sensitivities and the shape of the yield
curve; changes in accounting policies, rules and practices; changes
in retail distribution strategies, customer preferences and
behavior generally and as a result of economic factors, including
heightened inflation; changes in the availability and cost of
credit and capital in the financial markets; changes in the prices,
values and sales volumes of residential and commercial real estate,
especially as they relate to the value of collateral supporting the
Company’s loans; the Company’s concentration in commercial real
estate loans and in real estate collateral in Florida; Seacoast’s
ability to comply with any regulatory requirements; the effects of
problems encountered by other financial institutions that adversely
affect Seacoast or the banking industry, including bank failures;
inaccuracies or other failures from the use of models, including
the failure of assumptions and estimates, as well as differences
in, and changes to, economic, market and credit conditions; the
impact on the valuation of Seacoast’s investments due to market
volatility or counterparty payment risk, as well as the effect of a
decline in stock market prices on our fee income from our wealth
management business; statutory and regulatory dividend
restrictions; increases in regulatory capital requirements for
banking organizations generally; the risks of mergers, acquisitions
and divestitures, including Seacoast’s ability to continue to
identify acquisition targets, successfully acquire and integrate
desirable financial institutions and realize expected revenues and
revenue synergies; changes in technology or products that may be
more difficult, costly, or less effective than anticipated; the
Company’s ability to identify and address increased cybersecurity
risks; including those impacting vendors and other third parties;
fraud or misconduct by internal or external actors, which Seacoast
may not be able to prevent, detect or mitigate; inability of
Seacoast’s risk management framework to manage risks associated
with the Company’s business; dependence on key suppliers or vendors
to obtain equipment or services for the business on acceptable
terms, including the impact of supply chain disruptions; reduction
in or the termination of Seacoast’s ability to use the online- or
mobile-based platform that is critical to the Company’s business
growth strategy; the effects of war or other conflicts, including
the impacts related to or resulting from Russia’s military action
in Ukraine and the escalating conflicts in the Middle East, acts of
terrorism, natural disasters, including hurricanes in the Company’s
footprint, health emergencies, epidemics or pandemics, or other
catastrophic events that may affect general economic conditions;
unexpected outcomes of and the costs associated with, existing or
new litigation involving the Company; Seacoast’s ability to
maintain adequate internal controls over financial reporting;
potential claims, damages, penalties, fines and reputational damage
resulting from pending or future litigation, regulatory proceedings
and enforcement actions; the risks that deferred tax assets could
be reduced if estimates of future taxable income from the Company’s
operations and tax planning strategies are less than currently
estimated and sales of capital stock could trigger a reduction in
the amount of net operating loss carryforwards that the Company may
be able to utilize for income tax purposes; the effects of
competition from other commercial banks, thrifts, mortgage banking
firms, consumer finance companies, credit unions, non-bank
financial technology providers, securities brokerage firms,
insurance companies, money market and other mutual funds and other
financial institutions operating in the Company’s market areas and
elsewhere, including institutions operating regionally, nationally
and internationally, together with such competitors offering
banking products and services by mail, telephone, computer and the
Internet; the failure of assumptions underlying the establishment
of reserves for possible credit losses; risks related to
environmental, social and governance (“ESG”) matters, the scope and
pace of which could alter Seacoast’s reputation and shareholder,
associate, customer and third-party affiliations; a deterioration
of the credit rating for U.S. long-term sovereign debt, actions
that the U.S. government may take to avoid exceeding the debt
ceiling, and uncertainties surrounding debt ceiling and the federal
budget; the risk that the regulatory environment may not be
conducive to or may prohibit the consummation of future mergers
and/or business combinations, may increase the length of time and
amount of the resources required to consummate such transactions,
and may reduce the anticipated benefit; and other factors and risks
described under “Risk Factors” herein and in any of the Company's
subsequent reports filed with the SEC and available on its website
at www.sec.gov.
Including, without limitation, those risks
and uncertainties described in the Company’s annual report on Form
10-K for the year ended December 31, 2022 and
quarterly reports on Form 10-Q for the quarters ended
March 31, 2023, June 30,
2023 and September 30, 2023 under
"Special Cautionary Notice Regarding Forward-Looking Statements"
and "Risk Factors", and otherwise in the Company’s SEC reports and
filings. Such reports are available upon request from the Company,
or from the Securities and Exchange Commission, including through
the SEC's Internet website at www.sec.gov.
|
|
|
|
|
|
|
|
FINANCIAL HIGHLIGHTS |
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
Quarterly Trends |
|
Twelve Months Ended |
(Amounts in thousands, except ratios and per share
data) |
4Q'23 |
3Q'23 |
2Q'23 |
1Q'23 |
4Q'22 |
|
4Q'23 |
|
4Q'22 |
Summary of Earnings |
|
|
|
|
|
|
|
|
|
Net income |
$ |
29,543 |
|
$ |
31,414 |
|
$ |
31,249 |
|
$ |
11,827 |
|
$ |
23,927 |
|
|
$ |
104,033 |
|
|
$ |
106,507 |
|
Adjusted net income1 |
|
36,505 |
|
|
39,737 |
|
|
49,203 |
|
|
29,241 |
|
|
39,926 |
|
|
|
154,686 |
|
|
|
136,146 |
|
Net interest income2 |
|
111,035 |
|
|
119,505 |
|
|
127,153 |
|
|
131,351 |
|
|
119,858 |
|
|
|
489,043 |
|
|
|
366,660 |
|
Net interest margin2,3 |
|
3.36 |
% |
|
3.57 |
% |
|
3.86 |
% |
|
4.31 |
% |
|
4.36 |
% |
|
|
3.77 |
% |
|
|
3.69 |
% |
Pre-tax pre-provision earnings1 |
|
42,006 |
|
|
43,383 |
|
|
40,864 |
|
|
46,321 |
|
|
45,999 |
|
|
|
172,573 |
|
|
|
164,817 |
|
Adjusted pre-tax pre-provision earnings1 |
|
51,904 |
|
|
54,806 |
|
|
64,856 |
|
|
71,081 |
|
|
66,649 |
|
|
|
242,646 |
|
|
|
203,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Ratios |
|
|
|
|
|
|
|
|
|
Return on average assets-GAAP basis3 |
|
0.80 |
% |
|
0.84 |
% |
|
0.84 |
% |
|
0.34 |
% |
|
0.78 |
% |
|
|
0.71 |
% |
|
|
0.96 |
% |
Return on average tangible assets-GAAP basis3,4 |
|
0.99 |
|
|
1.04 |
|
|
1.06 |
|
|
0.52 |
|
|
0.94 |
|
|
|
0.91 |
|
|
|
1.06 |
|
Adjusted return on average tangible assets1,3,4 |
|
1.04 |
|
|
1.12 |
|
|
1.41 |
|
|
0.90 |
|
|
1.36 |
|
|
|
1.12 |
|
|
|
1.27 |
|
Pre-tax pre-provision return on average tangible
assets1,3,4 |
|
1.35 |
|
|
1.38 |
|
|
1.33 |
|
|
1.58 |
|
|
1.69 |
|
|
|
1.41 |
|
|
|
1.61 |
|
Adjusted pre-tax pre-provision return on average tangible
assets1,3,4 |
|
1.48 |
|
|
1.55 |
|
|
1.85 |
|
|
2.18 |
|
|
2.28 |
|
|
|
1.76 |
|
|
|
1.91 |
|
Net adjusted noninterest expense to average tangible
assets1,3,4 |
|
2.25 |
|
|
2.34 |
|
|
2.40 |
|
|
2.47 |
|
|
2.42 |
|
|
|
2.36 |
|
|
|
2.15 |
|
Return on average shareholders' equity-GAAP basis3 |
|
5.69 |
|
|
6.01 |
|
|
6.05 |
|
|
2.53 |
|
|
6.03 |
|
|
|
5.14 |
|
|
|
7.51 |
|
Return on average tangible common equity-GAAP
basis3,4 |
|
11.22 |
|
|
11.90 |
|
|
12.08 |
|
|
5.96 |
|
|
10.36 |
|
|
|
10.38 |
|
|
|
10.70 |
|
Adjusted return on average tangible common
equity1,3,4 |
|
11.80 |
|
|
12.79 |
|
|
16.08 |
|
|
10.34 |
|
|
15.05 |
|
|
|
12.80 |
|
|
|
12.86 |
|
Efficiency ratio5 |
|
60.32 |
|
|
62.60 |
|
|
67.34 |
|
|
65.43 |
|
|
63.39 |
|
|
|
64.07 |
|
|
|
60.01 |
|
Adjusted efficiency ratio1 |
|
60.32 |
|
|
60.19 |
|
|
56.44 |
|
|
53.10 |
|
|
51.52 |
|
|
|
57.35 |
|
|
|
53.03 |
|
Noninterest income to total revenue (excluding securities
gains/losses) |
|
15.14 |
|
|
13.22 |
|
|
14.63 |
|
|
14.55 |
|
|
12.84 |
|
|
|
14.39 |
|
|
|
15.50 |
|
Tangible common equity to tangible assets4 |
|
9.31 |
|
|
8.68 |
|
|
8.53 |
|
|
8.36 |
|
|
9.08 |
|
|
|
9.31 |
|
|
|
9.08 |
|
Average loan-to-deposit ratio |
|
83.38 |
|
|
82.63 |
|
|
83.48 |
|
|
82.43 |
|
|
77.67 |
|
|
|
82.99 |
|
|
|
73.50 |
|
End of period loan-to-deposit ratio |
|
85.48 |
|
|
82.71 |
|
|
82.42 |
|
|
82.35 |
|
|
81.63 |
|
|
|
85.48 |
|
|
|
81.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Share Data |
|
|
|
|
|
|
|
|
|
Net income diluted-GAAP basis |
$ |
0.35 |
|
$ |
0.37 |
|
$ |
0.37 |
|
$ |
0.15 |
|
$ |
0.34 |
|
|
$ |
1.23 |
|
|
$ |
1.66 |
|
Net income basic-GAAP basis |
|
0.35 |
|
|
0.37 |
|
|
0.37 |
|
|
0.15 |
|
|
0.34 |
|
|
|
1.24 |
|
|
|
1.67 |
|
Adjusted earnings1 |
|
0.43 |
|
|
0.46 |
|
|
0.58 |
|
|
0.36 |
|
|
0.56 |
|
|
|
1.83 |
|
|
|
2.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share common |
|
24.84 |
|
|
24.06 |
|
|
24.14 |
|
|
24.24 |
|
|
22.45 |
|
|
|
24.84 |
|
|
|
22.45 |
|
Tangible book value per share |
|
15.08 |
|
|
14.26 |
|
|
14.24 |
|
|
14.25 |
|
|
14.69 |
|
|
|
15.08 |
|
|
|
14.69 |
|
Cash dividends declared |
|
0.18 |
|
|
0.18 |
|
|
0.18 |
|
|
0.17 |
|
|
0.17 |
|
|
|
0.71 |
|
|
|
0.64 |
|
1Non-GAAP measure - see "Explanation of
Certain Unaudited Non-GAAP Financial Measures" for more information
and a reconciliation to GAAP.
|
2Calculated on a fully taxable equivalent basis
using amortized cost. |
3These ratios are stated on an annualized basis
and are not necessarily indicative of future
periods. |
4The Company defines tangible assets as
total assets less intangible assets, and tangible common equity as
total shareholders' equity less intangible assets. |
5Defined as noninterest expense less
amortization of intangibles and gains, losses, and expenses on
foreclosed properties divided by net operating revenue (net
interest income on a fully taxable equivalent basis plus
noninterest income excluding securities gains and
losses). |
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
Quarterly Trends |
|
Twelve Months Ended |
(Amounts in thousands, except per share data) |
4Q'23 |
|
3Q'23 |
|
2Q'23 |
|
1Q'23 |
|
4Q'22 |
|
4Q'23 |
|
4Q'22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
21,383 |
|
|
$ |
21,401 |
|
|
$ |
20,898 |
|
|
$ |
19,244 |
|
$ |
18,530 |
|
|
$ |
82,926 |
|
|
$ |
56,611 |
|
Nontaxable |
|
55 |
|
|
|
97 |
|
|
|
97 |
|
|
|
105 |
|
|
130 |
|
|
|
354 |
|
|
|
546 |
|
Interest and fees on loans |
|
147,801 |
|
|
|
149,871 |
|
|
|
148,265 |
|
|
|
135,168 |
|
|
105,322 |
|
|
|
581,105 |
|
|
|
315,717 |
|
Interest on federal funds sold and other investments |
|
7,616 |
|
|
|
8,477 |
|
|
|
5,023 |
|
|
|
3,474 |
|
|
3,127 |
|
|
|
24,590 |
|
|
|
7,620 |
|
Total Interest Income |
|
176,855 |
|
|
|
179,846 |
|
|
|
174,283 |
|
|
|
157,991 |
|
|
127,109 |
|
|
|
688,975 |
|
|
|
380,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest on deposits |
|
44,923 |
|
|
|
38,396 |
|
|
|
27,183 |
|
|
|
16,033 |
|
|
3,934 |
|
|
|
126,535 |
|
|
|
7,318 |
|
Interest on time certificates |
|
15,764 |
|
|
|
16,461 |
|
|
|
14,477 |
|
|
|
5,552 |
|
|
1,358 |
|
|
|
52,254 |
|
|
|
2,642 |
|
Interest on borrowed money |
|
5,349 |
|
|
|
5,683 |
|
|
|
5,660 |
|
|
|
5,254 |
|
|
2,108 |
|
|
|
21,946 |
|
|
|
4,372 |
|
Total Interest Expense |
|
66,036 |
|
|
|
60,540 |
|
|
|
47,320 |
|
|
|
26,839 |
|
|
7,400 |
|
|
|
200,735 |
|
|
|
14,332 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Interest Income |
|
110,819 |
|
|
|
119,306 |
|
|
|
126,963 |
|
|
|
131,152 |
|
|
119,709 |
|
|
|
488,240 |
|
|
|
366,162 |
|
Provision for credit losses |
|
3,990 |
|
|
|
2,694 |
|
|
|
(764 |
) |
|
|
31,598 |
|
|
14,129 |
|
|
|
37,518 |
|
|
|
26,183 |
|
Net Interest Income After Provision for Credit
Losses |
|
106,829 |
|
|
|
116,612 |
|
|
|
127,727 |
|
|
|
99,554 |
|
|
105,580 |
|
|
|
450,722 |
|
|
|
339,979 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges on deposit accounts |
|
4,828 |
|
|
|
4,648 |
|
|
|
4,560 |
|
|
|
4,242 |
|
|
3,996 |
|
|
|
18,278 |
|
|
|
13,709 |
|
Interchange income |
|
2,433 |
|
|
|
1,684 |
|
|
|
5,066 |
|
|
|
4,694 |
|
|
4,650 |
|
|
|
13,877 |
|
|
|
17,171 |
|
Wealth management income |
|
3,261 |
|
|
|
3,138 |
|
|
|
3,318 |
|
|
|
3,063 |
|
|
2,886 |
|
|
|
12,780 |
|
|
|
11,051 |
|
Mortgage banking fees |
|
378 |
|
|
|
410 |
|
|
|
576 |
|
|
|
426 |
|
|
426 |
|
|
|
1,790 |
|
|
|
3,478 |
|
Insurance agency income |
|
1,066 |
|
|
|
1,183 |
|
|
|
1,160 |
|
|
|
1,101 |
|
|
805 |
|
|
|
4,510 |
|
|
|
805 |
|
SBA gains |
|
921 |
|
|
|
613 |
|
|
|
249 |
|
|
|
322 |
|
|
105 |
|
|
|
2,105 |
|
|
|
842 |
|
BOLI income |
|
2,220 |
|
|
|
2,197 |
|
|
|
2,068 |
|
|
|
1,916 |
|
|
1,526 |
|
|
|
8,401 |
|
|
|
5,572 |
|
Other |
|
4,668 |
|
|
|
4,307 |
|
|
|
4,755 |
|
|
|
6,574 |
|
|
3,239 |
|
|
|
20,304 |
|
|
|
14,559 |
|
|
|
19,775 |
|
|
|
18,180 |
|
|
|
21,752 |
|
|
|
22,338 |
|
|
17,633 |
|
|
|
82,045 |
|
|
|
67,187 |
|
Securities (losses) gains, net |
|
(2,437 |
) |
|
|
(387 |
) |
|
|
(176 |
) |
|
|
107 |
|
|
18 |
|
|
|
(2,893 |
) |
|
|
(1,096 |
) |
Total Noninterest Income |
|
17,338 |
|
|
|
17,793 |
|
|
|
21,576 |
|
|
|
22,445 |
|
|
17,651 |
|
|
|
79,152 |
|
|
|
66,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and wages |
|
38,435 |
|
|
|
46,431 |
|
|
|
45,155 |
|
|
|
47,616 |
|
|
45,405 |
|
|
|
177,637 |
|
|
|
130,100 |
|
Employee benefits |
|
6,678 |
|
|
|
7,206 |
|
|
|
7,472 |
|
|
|
8,562 |
|
|
5,300 |
|
|
|
29,918 |
|
|
|
19,026 |
|
Outsourced data processing costs |
|
8,609 |
|
|
|
8,714 |
|
|
|
20,222 |
|
|
|
14,553 |
|
|
9,918 |
|
|
|
52,098 |
|
|
|
27,510 |
|
Telephone / data lines |
|
1,196 |
|
|
|
1,409 |
|
|
|
1,518 |
|
|
|
1,081 |
|
|
1,185 |
|
|
|
5,204 |
|
|
|
3,799 |
|
Occupancy |
|
6,316 |
|
|
|
6,349 |
|
|
|
7,065 |
|
|
|
6,938 |
|
|
5,457 |
|
|
|
26,668 |
|
|
|
18,539 |
|
Furniture and equipment |
|
2,028 |
|
|
|
2,052 |
|
|
|
2,345 |
|
|
|
2,267 |
|
|
1,944 |
|
|
|
8,692 |
|
|
|
6,420 |
|
Marketing |
|
2,995 |
|
|
|
1,876 |
|
|
|
2,047 |
|
|
|
2,238 |
|
|
1,772 |
|
|
|
9,156 |
|
|
|
6,286 |
|
Legal and professional fees |
|
3,294 |
|
|
|
2,679 |
|
|
|
4,062 |
|
|
|
7,479 |
|
|
9,174 |
|
|
|
17,514 |
|
|
|
20,703 |
|
FDIC assessments |
|
2,813 |
|
|
|
2,258 |
|
|
|
2,116 |
|
|
|
1,443 |
|
|
889 |
|
|
|
8,630 |
|
|
|
3,137 |
|
Amortization of intangibles |
|
6,888 |
|
|
|
7,457 |
|
|
|
7,654 |
|
|
|
6,727 |
|
|
4,763 |
|
|
|
28,726 |
|
|
|
9,101 |
|
Foreclosed property expense and net loss (gain) on sale |
|
573 |
|
|
|
274 |
|
|
|
(57 |
) |
|
|
195 |
|
|
(411 |
) |
|
|
985 |
|
|
|
(1,534 |
) |
Provision for credit losses on unfunded commitments |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,239 |
|
|
— |
|
|
|
1,239 |
|
|
|
1,157 |
|
Other |
|
6,542 |
|
|
|
7,210 |
|
|
|
8,266 |
|
|
|
7,137 |
|
|
6,114 |
|
|
|
29,155 |
|
|
|
23,690 |
|
Total Noninterest Expense |
|
86,367 |
|
|
|
93,915 |
|
|
|
107,865 |
|
|
|
107,475 |
|
|
91,510 |
|
|
|
395,622 |
|
|
|
267,934 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
37,800 |
|
|
|
40,490 |
|
|
|
41,438 |
|
|
|
14,524 |
|
|
31,721 |
|
|
|
134,252 |
|
|
|
138,136 |
|
Income taxes |
|
8,257 |
|
|
|
9,076 |
|
|
|
10,189 |
|
|
|
2,697 |
|
|
7,794 |
|
|
|
30,219 |
|
|
|
31,629 |
|
Net Income |
$ |
29,543 |
|
|
$ |
31,414 |
|
|
$ |
31,249 |
|
|
$ |
11,827 |
|
$ |
23,927 |
|
|
$ |
104,033 |
|
|
$ |
106,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Per share of common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income diluted |
$ |
0.35 |
|
|
$ |
0.37 |
|
|
$ |
0.37 |
|
|
$ |
0.15 |
|
$ |
0.34 |
|
|
$ |
1.23 |
|
|
$ |
1.66 |
|
Net income basic |
|
0.35 |
|
|
|
0.37 |
|
|
|
0.37 |
|
|
|
0.15 |
|
|
0.34 |
|
|
|
1.24 |
|
|
|
1.67 |
|
Cash dividends declared |
|
0.18 |
|
|
|
0.18 |
|
|
|
0.18 |
|
|
|
0.17 |
|
|
0.17 |
|
|
|
0.71 |
|
|
|
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average diluted shares outstanding |
|
85,336 |
|
|
|
85,666 |
|
|
|
85,536 |
|
|
|
80,717 |
|
|
71,374 |
|
|
|
84,329 |
|
|
|
64,264 |
|
Average basic shares outstanding |
|
84,817 |
|
|
|
85,142 |
|
|
|
85,022 |
|
|
|
80,151 |
|
|
70,770 |
|
|
|
83,800 |
|
|
|
63,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
December
31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
(Amounts in thousands) |
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
167,511 |
|
|
$ |
182,036 |
|
|
$ |
164,193 |
|
|
$ |
180,607 |
|
|
$ |
120,748 |
|
Interest bearing deposits with other banks |
|
279,671 |
|
|
|
513,946 |
|
|
|
563,690 |
|
|
|
610,636 |
|
|
|
81,192 |
|
Total Cash and Cash Equivalents |
|
447,182 |
|
|
|
695,982 |
|
|
|
727,883 |
|
|
|
791,243 |
|
|
|
201,940 |
|
|
|
|
|
|
|
|
|
|
|
Time deposits with other banks |
|
5,857 |
|
|
|
4,357 |
|
|
|
2,987 |
|
|
|
3,236 |
|
|
|
3,236 |
|
|
|
|
|
|
|
|
|
|
|
Debt Securities: |
|
|
|
|
|
|
|
|
|
Available for sale (at fair value) |
|
1,836,020 |
|
|
|
1,841,845 |
|
|
|
1,916,231 |
|
|
|
2,015,967 |
|
|
|
1,871,742 |
|
Held to maturity (at amortized cost) |
|
680,313 |
|
|
|
691,404 |
|
|
|
707,812 |
|
|
|
737,911 |
|
|
|
747,408 |
|
Total Debt Securities |
|
2,516,333 |
|
|
|
2,533,249 |
|
|
|
2,624,043 |
|
|
|
2,753,878 |
|
|
|
2,619,150 |
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale |
|
4,391 |
|
|
|
2,979 |
|
|
|
5,967 |
|
|
|
2,838 |
|
|
|
3,151 |
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
10,062,940 |
|
|
|
10,011,186 |
|
|
|
10,117,919 |
|
|
|
10,134,395 |
|
|
|
8,144,724 |
|
Less: Allowance for credit losses |
|
(148,931 |
) |
|
|
(149,661 |
) |
|
|
(159,715 |
) |
|
|
(155,640 |
) |
|
|
(113,895 |
) |
Net Loans |
|
9,914,009 |
|
|
|
9,861,525 |
|
|
|
9,958,204 |
|
|
|
9,978,755 |
|
|
|
8,030,829 |
|
|
|
|
|
|
|
|
|
|
|
Bank premises and equipment, net |
|
113,304 |
|
|
|
115,749 |
|
|
|
116,959 |
|
|
|
116,522 |
|
|
|
116,892 |
|
Other real estate owned |
|
7,560 |
|
|
|
7,216 |
|
|
|
7,526 |
|
|
|
7,756 |
|
|
|
2,301 |
|
Goodwill |
|
732,417 |
|
|
|
731,970 |
|
|
|
732,910 |
|
|
|
728,396 |
|
|
|
480,319 |
|
Other intangible assets, net |
|
95,645 |
|
|
|
102,397 |
|
|
|
109,716 |
|
|
|
117,409 |
|
|
|
75,451 |
|
Bank owned life insurance |
|
298,974 |
|
|
|
296,763 |
|
|
|
293,880 |
|
|
|
292,545 |
|
|
|
237,824 |
|
Net deferred tax assets |
|
113,232 |
|
|
|
131,602 |
|
|
|
127,941 |
|
|
|
124,301 |
|
|
|
94,457 |
|
Other assets |
|
331,345 |
|
|
|
339,218 |
|
|
|
333,916 |
|
|
|
338,529 |
|
|
|
280,212 |
|
Total Assets |
$ |
14,580,249 |
|
|
$ |
14,823,007 |
|
|
$ |
15,041,932 |
|
|
$ |
15,255,408 |
|
|
$ |
12,145,762 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
Noninterest demand |
$ |
3,544,981 |
|
|
$ |
3,868,132 |
|
|
$ |
4,139,052 |
|
|
$ |
4,554,509 |
|
|
$ |
4,070,973 |
|
Interest-bearing demand |
|
2,790,210 |
|
|
|
2,800,152 |
|
|
|
2,816,656 |
|
|
|
2,676,320 |
|
|
|
2,337,590 |
|
Savings |
|
651,454 |
|
|
|
721,558 |
|
|
|
824,255 |
|
|
|
940,702 |
|
|
|
1,064,392 |
|
Money market |
|
3,314,288 |
|
|
|
3,143,897 |
|
|
|
2,859,164 |
|
|
|
2,893,128 |
|
|
|
1,985,974 |
|
Other time certificates |
|
889,806 |
|
|
|
821,406 |
|
|
|
628,036 |
|
|
|
598,483 |
|
|
|
369,389 |
|
Brokered time certificates |
|
122,347 |
|
|
|
307,963 |
|
|
|
591,503 |
|
|
|
371,392 |
|
|
|
3,798 |
|
Time certificates of more than $250,000 |
|
463,849 |
|
|
|
444,726 |
|
|
|
424,601 |
|
|
|
275,167 |
|
|
|
149,479 |
|
Total Deposits |
|
11,776,935 |
|
|
|
12,107,834 |
|
|
|
12,283,267 |
|
|
|
12,309,701 |
|
|
|
9,981,595 |
|
|
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
374,573 |
|
|
|
276,450 |
|
|
|
290,156 |
|
|
|
267,606 |
|
|
|
172,029 |
|
Federal Home Loan Bank borrowings |
|
50,000 |
|
|
|
110,000 |
|
|
|
160,000 |
|
|
|
385,000 |
|
|
|
150,000 |
|
Subordinated debt, net |
|
106,302 |
|
|
|
106,136 |
|
|
|
105,970 |
|
|
|
105,804 |
|
|
|
84,533 |
|
Other liabilities |
|
164,353 |
|
|
|
174,193 |
|
|
|
148,507 |
|
|
|
136,213 |
|
|
|
149,830 |
|
Total Liabilities |
|
12,472,163 |
|
|
|
12,774,613 |
|
|
|
12,987,900 |
|
|
|
13,204,324 |
|
|
|
10,537,987 |
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Common stock |
|
8,486 |
|
|
|
8,515 |
|
|
|
8,509 |
|
|
|
8,461 |
|
|
|
7,162 |
|
Additional paid in capital |
|
1,808,883 |
|
|
|
1,813,068 |
|
|
|
1,809,431 |
|
|
|
1,803,898 |
|
|
|
1,377,802 |
|
Retained earnings |
|
467,305 |
|
|
|
453,117 |
|
|
|
437,087 |
|
|
|
421,271 |
|
|
|
423,863 |
|
Treasury stock |
|
(16,710 |
) |
|
|
(14,035 |
) |
|
|
(14,171 |
) |
|
|
(13,113 |
) |
|
|
(13,019 |
) |
|
|
2,267,964 |
|
|
|
2,260,665 |
|
|
|
2,240,856 |
|
|
|
2,220,517 |
|
|
|
1,795,808 |
|
Accumulated other comprehensive (loss) income, net |
|
(159,878 |
) |
|
|
(212,271 |
) |
|
|
(186,824 |
) |
|
|
(169,433 |
) |
|
|
(188,033 |
) |
Total Shareholders' Equity |
|
2,108,086 |
|
|
|
2,048,394 |
|
|
|
2,054,032 |
|
|
|
2,051,084 |
|
|
|
1,607,775 |
|
Total Liabilities & Shareholders' Equity |
$ |
14,580,249 |
|
|
$ |
14,823,007 |
|
|
$ |
15,041,932 |
|
|
$ |
15,255,408 |
|
|
$ |
12,145,762 |
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding |
|
84,861 |
|
|
|
85,150 |
|
|
|
85,086 |
|
|
|
84,609 |
|
|
|
71,618 |
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
|
(Unaudited) |
SEACOAST BANKING
CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
(Amounts in thousands) |
|
4Q'23 |
|
3Q'23 |
|
2Q'23 |
|
1Q'23 |
|
4Q'22 |
Credit Analysis |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
|
$ |
4,720 |
|
|
$ |
12,748 |
|
|
$ |
705 |
|
|
$ |
3,188 |
|
|
$ |
782 |
|
Net charge-offs (recoveries) to average loans |
|
|
0.19 |
% |
|
|
0.50 |
% |
|
|
0.03 |
% |
|
|
0.14 |
% |
|
|
0.04 |
% |
Allowance for credit losses |
|
$ |
148,931 |
|
|
$ |
149,661 |
|
|
$ |
159,715 |
|
|
$ |
155,640 |
|
|
$ |
113,895 |
|
|
|
|
|
|
|
|
|
|
|
|
Non-acquired loans at end of period |
|
$ |
6,571,454 |
|
|
$ |
6,343,121 |
|
|
$ |
6,264,044 |
|
|
$ |
6,048,453 |
|
|
$ |
5,944,194 |
|
Acquired loans at end of period |
|
|
3,491,486 |
|
|
|
3,668,065 |
|
|
|
3,853,875 |
|
|
|
4,085,942 |
|
|
|
2,200,530 |
|
Total Loans |
|
$ |
10,062,940 |
|
|
$ |
10,011,186 |
|
|
$ |
10,117,919 |
|
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
|
|
|
|
|
|
|
|
|
|
|
Total allowance for credit losses to total loans at end of
period |
|
|
1.48 |
% |
|
|
1.49 |
% |
|
|
1.58 |
% |
|
|
1.54 |
% |
|
|
1.40 |
% |
Purchase discount on acquired loans at end of period |
|
|
4.75 |
|
|
|
4.86 |
|
|
|
4.98 |
|
|
|
5.02 |
|
|
|
4.25 |
|
|
|
|
|
|
|
|
|
|
|
|
End of Period |
|
|
|
|
|
|
|
|
|
|
Nonperforming loans |
|
$ |
65,104 |
|
|
$ |
41,508 |
|
|
$ |
48,326 |
|
|
$ |
50,787 |
|
|
$ |
28,843 |
|
Other real estate owned |
|
|
221 |
|
|
|
221 |
|
|
|
530 |
|
|
|
530 |
|
|
|
530 |
|
Properties previously used in bank operations included in other
real estate owned |
|
|
7,339 |
|
|
|
6,995 |
|
|
|
6,996 |
|
|
|
7,226 |
|
|
|
1,771 |
|
Total Nonperforming Assets |
|
$ |
72,664 |
|
|
$ |
48,724 |
|
|
$ |
55,852 |
|
|
$ |
58,543 |
|
|
$ |
31,144 |
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming Loans to Loans at End of Period |
|
|
0.65 |
% |
|
|
0.41 |
% |
|
|
0.48 |
% |
|
|
0.50 |
% |
|
|
0.35 |
% |
Nonperforming Assets to Total Assets at End of Period |
|
|
0.50 |
|
|
|
0.33 |
|
|
|
0.37 |
|
|
|
0.38 |
|
|
|
0.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
Loans |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
2022 |
Construction and land
development |
|
$ |
767,622 |
|
|
$ |
793,736 |
|
|
$ |
794,371 |
|
|
$ |
757,835 |
|
|
$ |
587,332 |
|
Commercial real estate - owner
occupied |
|
|
1,670,281 |
|
|
|
1,675,881 |
|
|
|
1,669,369 |
|
|
|
1,652,491 |
|
|
|
1,478,302 |
|
Commercial real estate -
non-owner occupied |
|
|
3,319,890 |
|
|
|
3,285,974 |
|
|
|
3,370,211 |
|
|
|
3,412,051 |
|
|
|
2,589,774 |
|
Residential real estate |
|
|
2,445,692 |
|
|
|
2,418,903 |
|
|
|
2,396,352 |
|
|
|
2,354,394 |
|
|
|
1,849,503 |
|
Commercial and financial |
|
|
1,607,888 |
|
|
|
1,588,152 |
|
|
|
1,615,534 |
|
|
|
1,655,884 |
|
|
|
1,353,226 |
|
Consumer |
|
|
251,567 |
|
|
|
248,540 |
|
|
|
272,082 |
|
|
|
301,740 |
|
|
|
286,587 |
|
Total Loans |
|
$ |
10,062,940 |
|
|
$ |
10,011,186 |
|
|
$ |
10,117,919 |
|
|
$ |
10,134,395 |
|
|
$ |
8,144,724 |
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES 1 |
(Unaudited) |
|
|
|
|
|
|
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4Q'23 |
|
3Q'23 |
|
4Q'22 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,499,047 |
|
|
$ |
21,383 |
|
3.42 |
% |
|
$ |
2,575,002 |
|
|
$ |
21,401 |
|
3.32 |
% |
|
$ |
2,680,813 |
|
|
$ |
18,530 |
|
2.76 |
% |
Nontaxable |
|
7,835 |
|
|
|
68 |
|
3.48 |
|
|
|
15,280 |
|
|
|
119 |
|
3.11 |
|
|
|
20,246 |
|
|
|
164 |
|
3.24 |
|
Total Securities |
|
2,506,882 |
|
|
|
21,451 |
|
3.42 |
|
|
|
2,590,282 |
|
|
|
21,520 |
|
3.32 |
|
|
|
2,701,059 |
|
|
|
18,694 |
|
2.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
465,506 |
|
|
|
6,426 |
|
5.48 |
|
|
|
547,576 |
|
|
|
7,415 |
|
5.37 |
|
|
|
155,815 |
|
|
|
1,410 |
|
3.59 |
|
Interest bearing deposits with other banks and other
investments |
|
91,230 |
|
|
|
1,190 |
|
5.18 |
|
|
|
90,039 |
|
|
|
1,062 |
|
4.68 |
|
|
|
141,179 |
|
|
|
1,717 |
|
4.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, net |
|
10,033,245 |
|
|
|
148,004 |
|
5.85 |
|
|
|
10,043,611 |
|
|
|
150,048 |
|
5.93 |
|
|
|
7,910,729 |
|
|
|
105,437 |
|
5.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
13,096,863 |
|
|
|
177,071 |
|
5.36 |
|
|
|
13,271,508 |
|
|
|
180,045 |
|
5.38 |
|
|
|
10,908,782 |
|
|
|
127,258 |
|
4.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(149,110 |
) |
|
|
|
|
|
|
(158,440 |
) |
|
|
|
|
|
|
(109,509 |
) |
|
|
|
|
Cash and due from banks |
|
179,908 |
|
|
|
|
|
|
|
168,931 |
|
|
|
|
|
|
|
137,839 |
|
|
|
|
|
Premises and equipment |
|
115,556 |
|
|
|
|
|
|
|
116,704 |
|
|
|
|
|
|
|
115,095 |
|
|
|
|
|
Intangible assets |
|
832,029 |
|
|
|
|
|
|
|
839,787 |
|
|
|
|
|
|
|
521,412 |
|
|
|
|
|
Bank owned life insurance |
|
297,525 |
|
|
|
|
|
|
|
295,272 |
|
|
|
|
|
|
|
237,062 |
|
|
|
|
|
Other assets including deferred tax assets |
|
365,263 |
|
|
|
|
|
|
|
372,241 |
|
|
|
|
|
|
|
329,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
14,738,034 |
|
|
|
|
|
|
$ |
14,906,003 |
|
|
|
|
|
|
$ |
12,139,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,819,743 |
|
|
$ |
15,658 |
|
2.20 |
% |
|
$ |
2,804,243 |
|
|
$ |
15,013 |
|
2.12 |
% |
|
$ |
2,303,324 |
|
|
$ |
1,859 |
|
0.32 |
% |
Savings |
|
679,720 |
|
|
|
505 |
|
0.29 |
|
|
|
770,503 |
|
|
|
465 |
|
0.24 |
|
|
|
1,126,540 |
|
|
|
203 |
|
0.07 |
|
Money market |
|
3,268,829 |
|
|
|
28,760 |
|
3.49 |
|
|
|
2,972,495 |
|
|
|
22,918 |
|
3.06 |
|
|
|
1,980,870 |
|
|
|
1,872 |
|
0.37 |
|
Time deposits |
|
1,524,460 |
|
|
|
15,764 |
|
4.1 |
|
|
|
1,619,572 |
|
|
|
16,461 |
|
4.03 |
|
|
|
500,441 |
|
|
|
1,358 |
|
1.08 |
|
Securities sold under agreements to repurchase |
|
335,559 |
|
|
|
2,991 |
|
3.54 |
|
|
|
327,711 |
|
|
|
2,876 |
|
3.48 |
|
|
|
134,709 |
|
|
|
544 |
|
1.60 |
|
Federal Home Loan Bank borrowings |
|
59,022 |
|
|
|
442 |
|
2.97 |
|
|
|
111,087 |
|
|
|
888 |
|
3.17 |
|
|
|
40,712 |
|
|
|
330 |
|
3.22 |
|
Subordinated debt |
|
106,205 |
|
|
|
1,916 |
|
7.16 |
|
|
|
106,036 |
|
|
|
1,919 |
|
7.18 |
|
|
|
83,534 |
|
|
|
1,234 |
|
5.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
8,793,538 |
|
|
|
66,036 |
|
2.98 |
|
|
|
8,711,647 |
|
|
|
60,540 |
|
2.76 |
|
|
|
6,170,130 |
|
|
|
7,400 |
|
0.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
3,739,993 |
|
|
|
|
|
|
|
3,987,761 |
|
|
|
|
|
|
|
4,273,922 |
|
|
|
|
|
Other liabilities |
|
145,591 |
|
|
|
|
|
|
|
133,846 |
|
|
|
|
|
|
|
122,100 |
|
|
|
|
|
Total Liabilities |
|
12,679,122 |
|
|
|
|
|
|
|
12,833,254 |
|
|
|
|
|
|
|
10,566,152 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
2,058,912 |
|
|
|
|
|
|
|
2,072,747 |
|
|
|
|
|
|
|
1,573,704 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
14,738,034 |
|
|
|
|
|
|
$ |
14,906,003 |
|
|
|
|
|
|
$ |
12,139,856 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
2.00 |
% |
|
|
|
|
|
1.79 |
% |
|
|
|
|
|
0.21 |
% |
Interest expense as a % of earning assets |
|
|
|
|
2.00 |
% |
|
|
|
|
|
1.81 |
% |
|
|
|
|
|
0.27 |
% |
Net interest income as a % of earning assets |
|
|
$ |
111,035 |
|
3.36 |
% |
|
|
|
$ |
119,505 |
|
3.57 |
% |
|
|
|
$ |
119,858 |
|
4.36 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On a
fully taxable equivalent basis. All yields and rates have been
computed using amortized cost. |
Fees on loans have
been included in interest on loans. Nonaccrual loans are included
in loan balances. |
|
|
|
|
|
|
|
|
|
AVERAGE BALANCES, INTEREST INCOME AND EXPENSES, YIELDS AND
RATES 1 |
|
(Unaudited) |
SEACOAST BANKING
CORPORATION OF FLORIDA AND SUBSIDIARIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months Ended December 31, 2023 |
|
Twelve Months Ended December 31, 2022 |
|
Average |
|
|
|
Yield/ |
|
Average |
|
|
|
Yield/ |
(Amounts in thousands) |
Balance |
|
Interest |
|
Rate |
|
Balance |
|
Interest |
|
Rate |
|
|
|
|
|
|
|
|
|
|
|
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
Earning assets: |
|
|
|
|
|
|
|
|
|
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
Taxable |
$ |
2,611,299 |
|
|
$ |
82,926 |
|
3.18 |
% |
|
$ |
2,568,568 |
|
|
$ |
56,611 |
|
2.20 |
% |
Nontaxable |
|
13,733 |
|
|
|
438 |
|
3.19 |
|
|
|
22,188 |
|
|
|
690 |
|
3.11 |
|
Total Securities |
|
2,625,032 |
|
|
|
83,364 |
|
3.18 |
|
|
|
2,590,756 |
|
|
|
57,301 |
|
2.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal funds sold |
|
368,659 |
|
|
|
18,871 |
|
5.12 |
|
|
|
433,359 |
|
|
|
4,103 |
|
0.95 |
|
Interest bearing deposits with other banks and other
investments |
|
90,692 |
|
|
|
5,718 |
|
6.30 |
|
|
|
69,604 |
|
|
|
3,517 |
|
5.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans, net |
|
9,889,070 |
|
|
|
581,825 |
|
5.88 |
|
|
|
6,838,266 |
|
|
|
316,073 |
|
4.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Earning Assets |
|
12,973,453 |
|
|
|
689,778 |
|
5.32 |
|
|
|
9,931,985 |
|
|
|
380,994 |
|
3.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses |
|
(150,982 |
) |
|
|
|
|
|
|
(94,693 |
) |
|
|
|
|
Cash and due from banks |
|
184,035 |
|
|
|
|
|
|
|
305,775 |
|
|
|
|
|
Premises and equipment |
|
116,516 |
|
|
|
|
|
|
|
85,568 |
|
|
|
|
|
Intangible assets |
|
816,662 |
|
|
|
|
|
|
|
360,217 |
|
|
|
|
|
Bank owned life insurance |
|
290,218 |
|
|
|
|
|
|
|
214,468 |
|
|
|
|
|
Other assets including deferred tax assets |
|
392,872 |
|
|
|
|
|
|
|
248,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
$ |
14,622,774 |
|
|
|
|
|
|
$ |
11,051,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
$ |
2,686,936 |
|
|
$ |
41,438 |
|
1.54 |
% |
|
$ |
2,220,307 |
|
|
$ |
3,099 |
|
0.14 |
% |
Savings |
|
851,347 |
|
|
|
1,796 |
|
0.21 |
|
|
|
989,997 |
|
|
|
397 |
|
0.04 |
|
Money market |
|
2,941,916 |
|
|
|
83,300 |
|
2.83 |
|
|
|
1,925,176 |
|
|
|
3,824 |
|
0.2 |
|
Time deposits |
|
1,348,152 |
|
|
|
52,254 |
|
3.88 |
|
|
|
500,471 |
|
|
|
2,642 |
|
0.53 |
|
Securities sold under agreements to repurchase |
|
270,999 |
|
|
|
8,324 |
|
3.07 |
|
|
|
121,318 |
|
|
|
986 |
|
0.81 |
|
Federal Home Loan Bank borrowings |
|
175,247 |
|
|
|
6,378 |
|
3.64 |
|
|
|
10,264 |
|
|
|
330 |
|
3.22 |
|
Subordinated debt |
|
104,158 |
|
|
|
7,245 |
|
6.96 |
|
|
|
74,713 |
|
|
|
3,056 |
|
4.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Interest-Bearing Liabilities |
|
8,378,755 |
|
|
|
200,735 |
|
2.40 |
|
|
|
5,842,246 |
|
|
|
14,334 |
|
0.25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
4,087,335 |
|
|
|
|
|
|
|
3,667,345 |
|
|
|
|
|
Other liabilities |
|
131,302 |
|
|
|
|
|
|
|
122,982 |
|
|
|
|
|
Total Liabilities |
|
12,597,392 |
|
|
|
|
|
|
|
9,632,573 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
2,025,382 |
|
|
|
|
|
|
|
1,418,855 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities & Equity |
$ |
14,622,774 |
|
|
|
|
|
|
$ |
11,051,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of deposits |
|
|
|
|
1.50 |
% |
|
|
|
|
|
0.11 |
% |
Interest expense as a % of earning assets |
|
|
|
|
1.55 |
% |
|
|
|
|
|
0.14 |
% |
Net interest income as a % of earning assets |
|
|
$ |
489,043 |
|
3.77 |
% |
|
|
|
$ |
366,660 |
|
3.69 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1On a
fully taxable equivalent basis. All yields and rates have been
computed using amortized cost. |
Fees on loans have
been included in interest on loans. Nonaccrual loans are included
in loan balances. |
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED QUARTERLY FINANCIAL DATA |
(Unaudited) |
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
(Amounts in thousands) |
December 31,
2023 |
|
September 30,
2023 |
|
June 30,
2023 |
|
March 31,
2023 |
|
December 31,
2022 |
Customer Relationship Funding |
|
|
|
|
|
|
|
|
|
Noninterest demand |
|
|
|
|
|
|
|
|
|
Commercial |
$ |
2,752,644 |
|
$ |
3,089,488 |
|
$ |
3,304,761 |
|
$ |
3,622,441 |
|
$ |
3,148,778 |
Retail |
|
561,569 |
|
|
570,727 |
|
|
615,536 |
|
|
673,686 |
|
|
764,274 |
Public funds |
|
173,893 |
|
|
134,649 |
|
|
152,159 |
|
|
194,977 |
|
|
112,553 |
Other |
|
56,875 |
|
|
73,268 |
|
|
66,596 |
|
|
63,405 |
|
|
45,368 |
Total Noninterest Demand |
|
3,544,981 |
|
|
3,868,132 |
|
|
4,139,052 |
|
|
4,554,509 |
|
|
4,070,973 |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand |
|
|
|
|
|
|
|
|
|
Commercial |
|
1,576,491 |
|
|
1,618,755 |
|
|
1,555,486 |
|
|
1,233,845 |
|
|
886,894 |
Retail |
|
956,900 |
|
|
994,224 |
|
|
1,058,993 |
|
|
1,209,664 |
|
|
1,191,192 |
Brokered |
|
— |
|
|
— |
|
|
— |
|
|
44,474 |
|
|
54,777 |
Public funds |
|
256,819 |
|
|
187,173 |
|
|
202,177 |
|
|
188,337 |
|
|
204,727 |
Total Interest-Bearing Demand |
|
2,790,210 |
|
|
2,800,152 |
|
|
2,816,656 |
|
|
2,676,320 |
|
|
2,337,590 |
|
|
|
|
|
|
|
|
|
|
Total transaction accounts |
|
|
|
|
|
|
|
|
|
Commercial |
|
4,329,135 |
|
|
4,708,243 |
|
|
4,860,247 |
|
|
4,856,286 |
|
|
4,035,672 |
Retail |
|
1,518,469 |
|
|
1,564,951 |
|
|
1,674,529 |
|
|
1,883,350 |
|
|
1,955,466 |
Brokered |
|
— |
|
|
— |
|
|
— |
|
|
44,474 |
|
|
54,777 |
Public funds |
|
430,712 |
|
|
321,822 |
|
|
354,336 |
|
|
383,314 |
|
|
317,280 |
Other |
|
56,875 |
|
|
73,268 |
|
|
66,596 |
|
|
63,405 |
|
|
45,368 |
Total Transaction Accounts |
|
6,335,191 |
|
|
6,668,284 |
|
|
6,955,708 |
|
|
7,230,829 |
|
|
6,408,563 |
|
|
|
|
|
|
|
|
|
|
Savings |
|
|
|
|
|
|
|
|
|
Commercial |
|
58,562 |
|
|
79,731 |
|
|
101,908 |
|
|
108,023 |
|
|
91,943 |
Retail |
|
592,892 |
|
|
641,827 |
|
|
722,347 |
|
|
832,679 |
|
|
972,449 |
Total Savings |
|
651,454 |
|
|
721,558 |
|
|
824,255 |
|
|
940,702 |
|
|
1,064,392 |
|
|
|
|
|
|
|
|
|
|
Money market |
|
|
|
|
|
|
|
|
|
Commercial |
|
1,655,820 |
|
|
1,625,455 |
|
|
1,426,348 |
|
|
1,542,220 |
|
|
932,518 |
Retail |
|
1,469,142 |
|
|
1,362,390 |
|
|
1,275,721 |
|
|
1,279,712 |
|
|
984,561 |
Public funds |
|
189,326 |
|
|
156,052 |
|
|
157,095 |
|
|
71,196 |
|
|
68,895 |
Total Money Market |
|
3,314,288 |
|
|
3,143,897 |
|
|
2,859,164 |
|
|
2,893,128 |
|
|
1,985,974 |
|
|
|
|
|
|
|
|
|
|
Brokered time certificates |
|
122,347 |
|
|
307,963 |
|
|
591,503 |
|
|
371,392 |
|
|
3,798 |
Other time certificates |
|
1,353,655 |
|
|
1,266,132 |
|
|
1,052,637 |
|
|
873,650 |
|
|
518,868 |
|
|
1,476,002 |
|
|
1,574,095 |
|
|
1,644,140 |
|
|
1,245,042 |
|
|
522,666 |
Total Deposits |
$ |
11,776,935 |
|
$ |
12,107,834 |
|
$ |
12,283,267 |
|
$ |
12,309,701 |
|
$ |
9,981,595 |
|
|
|
|
|
|
|
|
|
|
Customer sweep accounts |
|
374,573 |
|
|
276,450 |
|
|
290,156 |
|
|
267,606 |
|
|
172,029 |
|
|
|
|
|
|
|
|
|
|
Total customer funding (1) |
$ |
12,029,161 |
|
$ |
12,076,321 |
|
$ |
11,981,920 |
|
$ |
12,205,915 |
|
$ |
10,149,826 |
|
|
|
|
|
|
|
|
|
|
(1)Total deposits and customer sweep
accounts, excluding brokered deposits. |
Explanation of Certain Unaudited Non-GAAP Financial
Measures |
|
This presentation
contains financial information determined by methods other than
Generally Accepted Accounting Principles (“GAAP”). Management uses
these non-GAAP financial measures in its analysis of the Company’s
performance and believes these presentations provide useful
supplemental information, and a clearer understanding of the
Company’s performance. The Company believes the non-GAAP measures
enhance investors’ understanding of the Company’s business and
performance and if not provided would be requested by the investor
community. These measures are also useful in understanding
performance trends and facilitate comparisons with the performance
of other financial institutions. The limitations associated with
operating measures are the risk that persons might disagree as to
the appropriateness of items comprising these measures and that
different companies might define or calculate these measures
differently. The Company provides reconciliations between GAAP and
these non-GAAP measures. These disclosures should not be considered
an alternative to GAAP. |
GAAP TO NON-GAAP RECONCILIATION |
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
Quarterly Trends |
|
Twelve Months Ended |
(Amounts in thousands, except per share data) |
4Q'23 |
3Q'23 |
2Q'23 |
1Q'23 |
4Q'22 |
|
4Q'23 |
4Q'22 |
Net Income |
$ |
29,543 |
|
$ |
31,414 |
|
$ |
31,249 |
|
$ |
11,827 |
|
$ |
23,927 |
|
|
$ |
104,033 |
|
$ |
106,507 |
|
|
|
|
|
|
|
|
|
|
Total noninterest income |
|
17,338 |
|
|
17,793 |
|
|
21,576 |
|
|
22,445 |
|
|
17,651 |
|
|
|
79,152 |
|
|
66,091 |
|
Securities losses (gains), net |
|
2,437 |
|
|
387 |
|
|
176 |
|
|
(107 |
) |
|
(18 |
) |
|
|
2,893 |
|
|
1,096 |
|
BOLI benefits on death (included in other income) |
|
— |
|
|
— |
|
|
— |
|
|
(2,117 |
) |
|
— |
|
|
|
(2,117 |
) |
|
— |
|
Total Adjustments to Noninterest Income |
|
2,437 |
|
|
387 |
|
|
176 |
|
|
(2,224 |
) |
|
(18 |
) |
|
|
776 |
|
|
1,096 |
|
Total Adjusted Noninterest Income |
|
19,775 |
|
|
18,180 |
|
|
21,752 |
|
|
20,221 |
|
|
17,633 |
|
|
|
79,928 |
|
|
67,187 |
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
|
86,367 |
|
|
93,915 |
|
|
107,865 |
|
|
107,475 |
|
|
91,510 |
|
|
|
395,622 |
|
|
267,934 |
|
Total merger related charges |
|
— |
|
|
— |
|
|
(15,648 |
) |
|
(17,532 |
) |
|
(16,140 |
) |
|
|
(33,180 |
) |
|
(27,925 |
) |
Amortization of intangibles |
|
(6,888 |
) |
|
(7,457 |
) |
|
(7,654 |
) |
|
(6,727 |
) |
|
(4,763 |
) |
|
|
(28,726 |
) |
|
(9,101 |
) |
Branch reductions and other expense initiatives |
|
— |
|
|
(3,305 |
) |
|
(571 |
) |
|
(1,291 |
) |
|
(176 |
) |
|
|
(5,167 |
) |
|
(1,210 |
) |
Total Adjustments to Noninterest Expense |
|
(6,888 |
) |
|
(10,762 |
) |
|
(23,873 |
) |
|
(25,550 |
) |
|
(21,079 |
) |
|
|
(67,073 |
) |
|
(38,236 |
) |
Total Adjusted Noninterest Expense |
|
79,479 |
|
|
83,153 |
|
|
83,992 |
|
|
81,925 |
|
|
70,431 |
|
|
|
328,549 |
|
|
229,698 |
|
|
|
|
|
|
|
|
|
|
Income Taxes |
|
8,257 |
|
|
9,076 |
|
|
10,189 |
|
|
2,697 |
|
|
7,794 |
|
|
|
30,219 |
|
|
31,629 |
|
Tax effect of adjustments |
|
2,363 |
|
|
2,826 |
|
|
6,095 |
|
|
5,912 |
|
|
5,062 |
|
|
|
17,196 |
|
|
9,693 |
|
Adjusted Income Taxes |
|
10,620 |
|
|
11,902 |
|
|
16,284 |
|
|
8,609 |
|
|
12,856 |
|
|
|
47,415 |
|
|
41,322 |
|
Adjusted Net Income |
$ |
36,505 |
|
$ |
39,737 |
|
$ |
49,203 |
|
$ |
29,241 |
|
$ |
39,926 |
|
|
$ |
154,686 |
|
$ |
136,146 |
|
|
|
|
|
|
|
|
|
|
Earnings per diluted share, as reported |
$ |
0.35 |
|
$ |
0.37 |
|
$ |
0.37 |
|
$ |
0.15 |
|
$ |
0.34 |
|
|
$ |
1.23 |
|
$ |
1.66 |
|
Adjusted Earnings per Diluted Share |
|
0.43 |
|
|
0.46 |
|
|
0.58 |
|
|
0.36 |
|
|
0.56 |
|
|
|
1.83 |
|
|
2.12 |
|
Average diluted shares outstanding |
|
85,336 |
|
|
85,666 |
|
|
85,536 |
|
|
80,717 |
|
|
71,374 |
|
|
|
84,329 |
|
|
64,264 |
|
|
|
|
|
|
|
|
|
|
Adjusted Noninterest Expense |
$ |
79,479 |
|
$ |
83,153 |
|
$ |
83,992 |
|
$ |
81,925 |
|
$ |
70,431 |
|
|
$ |
328,549 |
|
$ |
229,698 |
|
Provision for credit losses on unfunded commitments |
|
— |
|
|
— |
|
|
— |
|
|
(1,239 |
) |
|
— |
|
|
|
(1,239 |
) |
|
(1,157 |
) |
Foreclosed property expense and net loss (gain) on sale |
|
(573 |
) |
|
(274 |
) |
|
57 |
|
|
(195 |
) |
|
411 |
|
|
|
(985 |
) |
|
1,534 |
|
Net Adjusted Noninterest Expense |
$ |
78,906 |
|
$ |
82,879 |
|
$ |
84,049 |
|
$ |
80,491 |
|
$ |
70,842 |
|
|
$ |
326,325 |
|
$ |
230,075 |
|
|
|
|
|
|
|
|
|
|
Revenue |
$ |
128,157 |
|
$ |
137,099 |
|
$ |
148,539 |
|
$ |
153,597 |
|
$ |
137,360 |
|
|
$ |
567,392 |
|
$ |
432,253 |
|
Total Adjustments to Revenue |
|
2,437 |
|
|
387 |
|
|
176 |
|
|
(2,224 |
) |
|
(18 |
) |
|
|
776 |
|
|
1,096 |
|
Impact of FTE adjustment |
|
216 |
|
|
199 |
|
|
190 |
|
|
199 |
|
|
149 |
|
|
|
803 |
|
|
498 |
|
Adjusted Revenue on a fully taxable equivalent
basis |
$ |
130,810 |
|
$ |
137,685 |
|
$ |
148,905 |
|
$ |
151,572 |
|
$ |
137,491 |
|
|
$ |
568,971 |
|
$ |
433,847 |
|
Adjusted Efficiency Ratio |
|
60.32 |
% |
|
60.19 |
% |
|
56.44 |
% |
|
53.10 |
% |
|
51.52 |
% |
|
|
57.35 |
% |
|
53.03 |
% |
|
|
|
|
|
|
|
|
|
Net Interest Income |
$ |
110,819 |
|
$ |
119,306 |
|
$ |
126,963 |
|
$ |
131,152 |
|
$ |
119,709 |
|
|
$ |
488,240 |
|
$ |
366,162 |
|
Impact of FTE adjustment |
|
216 |
|
|
199 |
|
|
190 |
|
|
199 |
|
|
149 |
|
|
|
803 |
|
|
498 |
|
Net Interest Income including FTE adjustment |
$ |
111,035 |
|
$ |
119,505 |
|
$ |
127,153 |
|
$ |
131,351 |
|
$ |
119,858 |
|
|
$ |
489,043 |
|
$ |
366,660 |
|
Total noninterest income |
|
17,338 |
|
|
17,793 |
|
|
21,576 |
|
|
22,445 |
|
|
17,651 |
|
|
|
79,152 |
|
|
66,091 |
|
Total noninterest expense |
|
86,367 |
|
|
93,915 |
|
|
107,865 |
|
|
107,475 |
|
|
91,510 |
|
|
|
395,622 |
|
|
267,934 |
|
Pre-Tax Pre-Provision Earnings |
$ |
42,006 |
|
$ |
43,383 |
|
$ |
40,864 |
|
$ |
46,321 |
|
$ |
45,999 |
|
|
$ |
172,573 |
|
$ |
164,817 |
|
Total Adjustments to Noninterest Income |
|
2,437 |
|
|
387 |
|
|
176 |
|
|
(2,224 |
) |
|
(18 |
) |
|
|
776 |
|
|
1,096 |
|
Total Adjustments to Noninterest Expense |
|
(7,461 |
) |
|
(11,036 |
) |
|
(23,816 |
) |
|
(26,984 |
) |
|
(20,668 |
) |
|
|
(69,297 |
) |
|
(37,859 |
) |
Adjusted Pre-Tax Pre-Provision Earnings |
$ |
51,904 |
|
$ |
54,806 |
|
$ |
64,856 |
|
$ |
71,081 |
|
$ |
66,649 |
|
|
$ |
242,646 |
|
$ |
203,772 |
|
|
|
|
|
|
|
|
|
|
Average Assets |
$ |
14,738,034 |
|
$ |
14,906,003 |
|
$ |
14,887,289 |
|
$ |
13,947,976 |
|
$ |
12,139,856 |
|
|
$ |
14,622,774 |
|
$ |
11,051,428 |
|
Less average goodwill and intangible assets |
|
(832,029 |
) |
|
(839,787 |
) |
|
(842,988 |
) |
|
(750,694 |
) |
|
(521,412 |
) |
|
|
(816,662 |
) |
|
(360,217 |
) |
Average Tangible Assets |
$ |
13,906,005 |
|
$ |
14,066,216 |
|
$ |
14,044,301 |
|
$ |
13,197,282 |
|
$ |
11,618,444 |
|
|
$ |
13,806,112 |
|
$ |
10,691,211 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP TO NON-GAAP RECONCILIATION |
(Unaudited) |
|
|
|
SEACOAST BANKING CORPORATION OF FLORIDA AND
SUBSIDIARIES |
|
|
|
|
|
|
Quarterly Trends |
|
Twelve Months Ended |
(Amounts in thousands, except per share data) |
4Q'23 |
3Q'23 |
2Q'23 |
1Q'23 |
4Q'22 |
|
4Q'23 |
4Q'22 |
Return on Average Assets (ROA) |
|
0.80 |
% |
|
0.84 |
% |
|
0.84 |
% |
|
0.34 |
% |
|
0.78 |
% |
|
|
0.71 |
% |
|
0.96 |
% |
Impact of removing average intangible assets and related
amortization |
|
0.19 |
|
|
0.20 |
|
|
0.22 |
|
|
0.18 |
|
|
0.16 |
|
|
|
0.20 |
|
|
0.10 |
|
Return on Average Tangible Assets (ROTA) |
|
0.99 |
|
|
1.04 |
|
|
1.06 |
|
|
0.52 |
|
|
0.94 |
|
|
|
0.91 |
|
|
1.06 |
|
Impact of other adjustments for Adjusted Net Income |
|
0.05 |
|
|
0.08 |
|
|
0.35 |
|
|
0.38 |
|
|
0.42 |
|
|
|
0.21 |
|
|
0.21 |
|
Adjusted Return on Average Tangible Assets |
|
1.04 |
|
|
1.12 |
|
|
1.41 |
|
|
0.90 |
|
|
1.36 |
|
|
|
1.12 |
|
|
1.27 |
|
|
|
|
|
|
|
|
|
|
Pre-Tax Pre-Provision return on Average Tangible Assets |
|
1.35 |
% |
|
1.38 |
% |
|
1.33 |
% |
|
1.58 |
% |
|
1.69 |
% |
|
|
1.41 |
% |
|
1.61 |
% |
Impact of adjustments on Pre-Tax Pre-Provision earnings |
|
0.13 |
|
|
0.17 |
|
|
0.52 |
|
|
0.60 |
|
|
0.59 |
|
|
|
0.35 |
|
|
0.30 |
|
Adjusted Pre-Tax Pre-Provision Return on Tangible
Assets |
|
1.48 |
|
|
1.55 |
|
|
1.85 |
|
|
2.18 |
|
|
2.28 |
|
|
|
1.76 |
|
|
1.91 |
|
|
|
|
|
|
|
|
|
|
Average Shareholders' Equity |
$ |
2,058,912 |
|
$ |
2,072,747 |
|
$ |
2,070,529 |
|
$ |
1,897,045 |
|
$ |
1,573,704 |
|
|
$ |
2,025,382 |
|
$ |
1,418,855 |
|
Less average goodwill and intangible assets |
|
(832,029 |
) |
|
(839,787 |
) |
|
(842,988 |
) |
|
(750,694 |
) |
|
(521,412 |
) |
|
|
(816,662 |
) |
|
(360,217 |
) |
Average Tangible Equity |
$ |
1,226,883 |
|
$ |
1,232,960 |
|
$ |
1,227,541 |
|
$ |
1,146,351 |
|
$ |
1,052,292 |
|
|
$ |
1,208,720 |
|
$ |
1,058,638 |
|
|
|
|
|
|
|
|
|
|
Return on Average Shareholders' Equity |
|
5.69 |
% |
|
6.01 |
% |
|
6.05 |
% |
|
2.53 |
% |
|
6.03 |
% |
|
|
5.14 |
% |
|
7.51 |
% |
Impact of removing average intangible assets and related
amortization |
|
5.53 |
|
|
5.89 |
|
|
6.03 |
|
|
3.43 |
|
|
4.33 |
|
|
|
5.24 |
|
|
3.19 |
|
Return on Average Tangible Common Equity
(ROTCE) |
|
11.22 |
|
|
11.90 |
|
|
12.08 |
|
|
5.96 |
|
|
10.36 |
|
|
|
10.38 |
|
|
10.70 |
|
Impact of other adjustments for Adjusted Net Income |
|
0.58 |
|
|
0.89 |
|
|
4.00 |
|
|
4.38 |
|
|
4.69 |
|
|
|
2.42 |
|
|
2.16 |
|
Adjusted Return on Average Tangible Common
Equity |
|
11.80 |
|
|
12.79 |
|
|
16.08 |
|
|
10.34 |
|
|
15.05 |
|
|
|
12.80 |
|
|
12.86 |
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
148,004 |
|
$ |
150,048 |
|
$ |
148,432 |
|
$ |
135,341 |
|
$ |
105,437 |
|
|
$ |
581,825 |
|
$ |
316,073 |
|
Accretion on acquired loans |
|
(11,324 |
) |
|
(14,843 |
) |
|
(14,580 |
) |
|
(15,942 |
) |
|
(9,710 |
) |
|
|
(56,689 |
) |
|
(18,389 |
) |
Loan interest income excluding accretion on acquired
loans |
$ |
136,680 |
|
$ |
135,205 |
|
$ |
133,852 |
|
$ |
119,399 |
|
$ |
95,727 |
|
|
$ |
525,136 |
|
$ |
297,684 |
|
|
|
|
|
|
|
|
|
|
Yield on loans1 |
|
5.85 |
|
|
5.93 |
|
|
5.89 |
|
|
5.86 |
|
|
5.29 |
|
|
|
5.88 |
|
|
4.62 |
|
Impact of accretion on acquired loans |
|
(0.45 |
) |
|
(0.59 |
) |
|
(0.58 |
) |
|
(0.69 |
) |
|
(0.49 |
) |
|
|
(0.57 |
) |
|
(0.27 |
) |
Yield on loans excluding accretion on acquired
loans |
|
5.40 |
% |
|
5.34 |
% |
|
5.31 |
% |
|
5.17 |
% |
|
4.80 |
% |
|
|
5.31 |
% |
|
4.35 |
% |
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
111,035 |
|
$ |
119,505 |
|
$ |
127,153 |
|
$ |
131,351 |
|
$ |
119,858 |
|
|
$ |
489,043 |
|
$ |
366,660 |
|
Accretion on acquired loans |
|
(11,324 |
) |
|
(14,843 |
) |
|
(14,580 |
) |
|
(15,942 |
) |
|
(9,710 |
) |
|
|
(56,689 |
) |
|
(18,389 |
) |
Net interest income excluding accretion on acquired
loans |
$ |
99,711 |
|
$ |
104,662 |
|
$ |
112,573 |
|
$ |
115,409 |
|
$ |
110,148 |
|
|
$ |
432,354 |
|
$ |
348,271 |
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
3.36 |
|
|
3.57 |
|
|
3.86 |
|
|
4.31 |
|
|
4.36 |
|
|
|
3.77 |
|
|
3.69 |
|
Impact of accretion on acquired loans |
|
(0.34 |
) |
|
(0.44 |
) |
|
(0.44 |
) |
|
(0.53 |
) |
|
(0.35 |
) |
|
|
(0.44 |
) |
|
(0.18 |
) |
Net interest margin excluding accretion on acquired
loans |
|
3.02 |
% |
|
3.13 |
% |
|
3.42 |
% |
|
3.78 |
% |
|
4.01 |
% |
|
|
3.33 |
% |
|
3.51 |
% |
|
|
|
|
|
|
|
|
|
Security interest income1 |
$ |
21,451 |
|
$ |
21,520 |
|
$ |
21,018 |
|
$ |
19,375 |
|
$ |
18,694 |
|
|
$ |
83,364 |
|
$ |
57,301 |
|
Tax equivalent adjustment on securities |
|
(13 |
) |
|
(22 |
) |
|
(23 |
) |
|
(26 |
) |
|
(34 |
) |
|
|
(83 |
) |
|
(142 |
) |
Security interest income excluding tax equivalent
adjustment |
$ |
21,438 |
|
$ |
21,498 |
|
$ |
20,995 |
|
$ |
19,349 |
|
$ |
18,660 |
|
|
$ |
83,281 |
|
$ |
57,159 |
|
|
|
|
|
|
|
|
|
|
Loan interest income1 |
$ |
148,004 |
|
$ |
150,048 |
|
$ |
148,432 |
|
$ |
135,341 |
|
$ |
105,437 |
|
|
$ |
581,825 |
|
$ |
316,073 |
|
Tax equivalent adjustment on loans |
|
(203 |
) |
|
(177 |
) |
|
(167 |
) |
|
(173 |
) |
|
(115 |
) |
|
|
(720 |
) |
|
(356 |
) |
Loan interest income excluding tax equivalent
adjustment |
$ |
147,801 |
|
$ |
149,871 |
|
$ |
148,265 |
|
$ |
135,168 |
|
$ |
105,322 |
|
|
$ |
581,105 |
|
$ |
315,717 |
|
|
|
|
|
|
|
|
|
|
Net Interest Income1 |
$ |
111,035 |
|
$ |
119,505 |
|
$ |
127,153 |
|
$ |
131,351 |
|
$ |
119,858 |
|
|
$ |
489,043 |
|
$ |
366,660 |
|
Tax equivalent adjustment on securities |
|
(13 |
) |
|
(22 |
) |
|
(23 |
) |
|
(26 |
) |
|
(34 |
) |
|
|
(83 |
) |
|
(142 |
) |
Tax equivalent adjustment on loans |
|
(203 |
) |
|
(177 |
) |
|
(167 |
) |
|
(173 |
) |
|
(115 |
) |
|
|
(720 |
) |
|
(356 |
) |
Net interest income excluding tax equivalent
adjustment |
$ |
110,819 |
|
$ |
119,306 |
|
$ |
126,963 |
|
$ |
131,152 |
|
$ |
119,709 |
|
|
$ |
488,240 |
|
$ |
366,162 |
|
|
|
|
|
|
|
|
|
|
1On a fully taxable equivalent basis. All
yields and rates have been computed using amortized cost. |
Seacoast Banking Corpora... (NASDAQ:SBCF)
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From Apr 2024 to May 2024
Seacoast Banking Corpora... (NASDAQ:SBCF)
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From May 2023 to May 2024