Seacoast Banking Corp. of Florida Files 2023 Annual Report on Form 10-K

Ticker: SBCF · Form: 10-K · Filed: Feb 27, 2024 · CIK: 730708

Seacoast Banking Corp Of Florida 10-K Filing Summary
FieldDetail
CompanySeacoast Banking Corp Of Florida (SBCF)
Form Type10-K
Filed DateFeb 27, 2024
Risk Levelmedium
Pages15
Reading Time17 min
Key Dollar Amounts$0.10, $14.6 b, $11.8 b, $12.5 billion, $2.1 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Seacoast Banking, Financials, Florida Banks

TL;DR

<b>Seacoast Banking Corp. of Florida has submitted its comprehensive 2023 annual report (10-K) detailing financial performance and operations.</b>

AI Summary

SEACOAST BANKING CORP OF FLORIDA (SBCF) filed a Annual Report (10-K) with the SEC on February 27, 2024. Seacoast Banking Corp. of Florida filed its 2023 Form 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Florida and operates under SIC code 6022 (State Commercial Banks). Its principal business address is in Stuart, Florida. The filing includes detailed financial information for the fiscal years 2021, 2022, and 2023.

Why It Matters

For investors and stakeholders tracking SEACOAST BANKING CORP OF FLORIDA, this filing contains several important signals. This 10-K filing provides a detailed overview of Seacoast Banking Corp.'s financial health and strategic positioning for the fiscal year 2023, crucial for investors assessing its performance. As a publicly traded entity, the timely filing of this 10-K is a regulatory requirement that ensures transparency and allows stakeholders to make informed decisions about the company's future prospects.

Risk Assessment

Risk Level: medium — SEACOAST BANKING CORP OF FLORIDA shows moderate risk based on this filing. The company operates in the highly regulated banking sector, which presents inherent risks related to compliance, economic downturns, and competitive pressures, as evidenced by the standard disclosures in a 10-K filing for a commercial bank.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Seacoast Banking Corp.'s performance and outlook for the upcoming fiscal year.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-02-27 — Filing Date (Date of submission)
  • 2023-01-01 — Fiscal Year Start (Reporting period)

Key Players & Entities

  • SEACOAST BANKING CORP OF FLORIDA (company) — Filer name
  • 0000730708 (company) — Central Index Key
  • 6022 (company) — Standard Industrial Classification
  • FL (company) — State of Incorporation
  • STUART (company) — City
  • 772 288 6063 (company) — Business Phone

FAQ

When did SEACOAST BANKING CORP OF FLORIDA file this 10-K?

SEACOAST BANKING CORP OF FLORIDA filed this Annual Report (10-K) with the SEC on February 27, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by SEACOAST BANKING CORP OF FLORIDA (SBCF).

Where can I read the original 10-K filing from SEACOAST BANKING CORP OF FLORIDA?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SEACOAST BANKING CORP OF FLORIDA.

What are the key takeaways from SEACOAST BANKING CORP OF FLORIDA's 10-K?

SEACOAST BANKING CORP OF FLORIDA filed this 10-K on February 27, 2024. Key takeaways: Seacoast Banking Corp. of Florida filed its 2023 Form 10-K on February 27, 2024.. The filing covers the fiscal year ending December 31, 2023.. The company is incorporated in Florida and operates under SIC code 6022 (State Commercial Banks)..

Is SEACOAST BANKING CORP OF FLORIDA a risky investment based on this filing?

Based on this 10-K, SEACOAST BANKING CORP OF FLORIDA presents a moderate-risk profile. The company operates in the highly regulated banking sector, which presents inherent risks related to compliance, economic downturns, and competitive pressures, as evidenced by the standard disclosures in a 10-K filing for a commercial bank.

What should investors do after reading SEACOAST BANKING CORP OF FLORIDA's 10-K?

Investors should review the detailed financial statements and risk factors within the 10-K to understand Seacoast Banking Corp.'s performance and outlook for the upcoming fiscal year. The overall sentiment from this filing is neutral.

Risk Factors

  • Regulatory Environment [high — regulatory]: The company operates in a highly regulated industry, subject to extensive federal and state laws and regulations that impact its business, financial condition, and results of operations.
  • Economic Conditions [medium — market]: Adverse changes in general economic conditions, including interest rate fluctuations, inflation, and recessionary pressures, could negatively affect the company's financial performance.
  • Cybersecurity Risks [medium — operational]: The company is exposed to risks associated with cybersecurity threats and data breaches, which could disrupt operations and harm its reputation.
  • Credit Risk [medium — financial]: The company's loan portfolio is subject to credit risk, and a significant increase in loan defaults or delinquencies could adversely impact its financial results.

Key Dates

  • 2024-02-27: 10-K Filing — Annual report submission for fiscal year 2023
  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K

Filing Stats: 4,361 words · 17 min read · ~15 pages · Grade level 17.6 · Accepted 2024-02-27 16:51:22

Key Financial Figures

  • $0.10 — tion of Florida common stock, par value $0.10 per share, held by non-affiliates, comp
  • $14.6 b — acoast had total consolidated assets of $14.6 billion, total deposits of $11.8 billion,
  • $11.8 b — ets of $14.6 billion, total deposits of $11.8 billion, total consolidated liabilities,
  • $12.5 billion — ted liabilities, including deposits, of $12.5 billion and consolidated shareholders' equity o
  • $2.1 billion — nd consolidated shareholders' equity of $2.1 billion. Seacoast has grown to be one of the l

Filing Documents

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 15 Item 1B. Unresolved Staff Comments 27 Item 1C. Cybersecurity 27 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 Part II 29 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 65 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 125 Item 9A.

Controls and Procedures

Controls and Procedures 125 Item 9B. Other Information 126 Part III 126 Item 10. Directors, Executive Officers and Corporate Governance 126 Item 11.

Executive Compensation

Executive Compensation 126 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 127 Item 13. Certain Relationships and Related Transactions, and Director Independence 127 Item 14. Principal Accountant Fees and Services 127 Part IV 127 Item 15. Exhibits, Financial Statement Schedules 127 Item 16. Form 10-K Summary 131 2 SPECIAL CAUTIONARY NOTICE REGARDING FORWARD-LOOKING STATEMENTS Certain statements made or incorporated by reference herein which are not statements of historical fact, including those under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere herein, are "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"). 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 those set forth in the 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 du

Business

Item 1. Business General Information Seacoast Banking Corporation of Florida ("Seacoast" or the "Company") is a financial holding company, incorporated in Florida in 1983, and registered under the Bank Holding Company Act of 1956, as amended (the "BHC Act"). Its principal subsidiary is Seacoast National Bank, a wholly-owned national banking association ("Seacoast Bank"), which commenced its operations in 1933. As of December 31, 2023, Seacoast had total consolidated assets of $14.6 billion, total deposits of $11.8 billion, total consolidated liabilities, including deposits, of $12.5 billion and consolidated shareholders' equity of $2.1 billion. Seacoast has grown to be one of the largest regional banks headquartered in Florida, with an expanding presence in the state's fastest growing markets, each of which has unique characteristics and opportunities. This growth has been achieved through a balanced strategy consisting of organic growth and opportunistic acquisitions. The Company provides integrated financial services including commercial and retail banking, wealth management, mortgage and insurance services to customers through advanced online and mobile banking solutions, and through Seacoast Bank's network of 77 traditional branches. The Company's legal structure includes wholly-owned subsidiaries through which the Company manages investments and foreclosed properties. Through one of these subsidiaries, Seacoast Bank has a controlling interest in a real estate investment trust ("REIT"). Unrelated investors own a non-controlling interest in the preferred stock of the REIT. Seacoast Bank provides brokerage and annuity services through an affiliation with a third party broker/dealer, LPL Financial. Seacoast Insurance Services, Inc. and Nature Coast Insurance, Inc., each a wholly-owned subsidiary of Seacoast, facilitate access for the Company to provide customers with a range of insurance products. The Company also operates seven trusts, formed for the purpose

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