Seacoast Banking Corp. of Florida Files 10-Q for Q1 2024

TL;DR

<b>Seacoast Banking Corp. of Florida has filed its Q1 2024 10-Q report.</b>

AI Summary

SEACOAST BANKING CORP OF FLORIDA (SBCF) filed a Quarterly Report (10-Q) with the SEC on May 8, 2024. Seacoast Banking Corp. of Florida filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31. The filing was made on May 8, 2024. The company is incorporated in Florida.

Why It Matters

For investors and stakeholders tracking SEACOAST BANKING CORP OF FLORIDA, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational details for Seacoast Banking Corp. of Florida for the first quarter of 2024. Understanding the details within this report is crucial for assessing the bank's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — SEACOAST BANKING CORP OF FLORIDA shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain immediate red flags, indicating a routine disclosure of financial information.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Seacoast Banking Corp. of Florida's performance and outlook.

Key Numbers

• 2024-03-31 — Report Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-08 — Filing Date (FILED AS OF DATE)
• 2024-01-01 — Quarter Start Date (2024-01-01)
• 2023-03-31 — Prior Year Quarter End Date (2023-03-31)

Key Players & Entities

• SEACOAST BANKING CORP OF FLORIDA (company) — FILER
• 0000730708 (company) — CENTRAL INDEX KEY
• FL (company) — STATE OF INCORPORATION
• 592260678 (company) — IRS NUMBER
• STUART (company) — CITY
• 772 288 6063 (company) — BUSINESS PHONE

FAQ

Industry Context

Seacoast Banking Corp. of Florida operates within the commercial banking sector, providing a range of financial services.

Regulatory Implications

As a publicly traded company, Seacoast Banking Corp. of Florida is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Analyze the balance sheet and income statement for Q1 2024.
2. Review any disclosed risk factors or legal proceedings.
3. Compare key financial metrics to previous periods and industry benchmarks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q filing.
• 2024-05-08: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing for the first quarter of 2024, providing the most current financial snapshot.

Key Financial Figures

• $0.10 — e Exchange Act). Yes No Common Stock, $0.10 Par Value – 84,935,054 shares as of Mar

Filing Documents

• sbcf-20240331.htm (10-Q) — 3016KB
• sbcf1q03312024ex311.htm (EX-31.1) — 21KB
• sbcf1q03312024ex312.htm (EX-31.2) — 21KB
• sbcf1q03312024ex321.htm (EX-32.1) — 10KB
• sbcf1q03312024ex322.htm (EX-32.2) — 10KB
• 0000730708-24-000139.txt (&nbsp;) — 13493KB
• sbcf-20240331.xsd (EX-101.SCH) — 51KB
• sbcf-20240331_cal.xml (EX-101.CAL) — 147KB
• sbcf-20240331_def.xml (EX-101.DEF) — 319KB
• sbcf-20240331_lab.xml (EX-101.LAB) — 739KB
• sbcf-20240331_pre.xml (EX-101.PRE) — 533KB
• sbcf-20240331_htm.xml (XML) — 3112KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated statements of income – Three months ended March 31, 2024 and 2023 3 Consolidated statements of comprehensive income (loss) – Three months ended March 31, 2024 and 2023 5 Consolidated balance sheets - March 31, 2024 and December 31, 2023 6 Consolidated statements of cash flows – Three months ended March 31, 2024 and 2023 7 Consolidated statements of shareholders' equity - Three months ended March 31, 2024 and 2023 9

Notes to consolidated financial statements

Notes to consolidated financial statements 10 Item 2.

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 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 51 Item 4.

Controls and Procedures

Controls and Procedures 51 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 52 Item 1A.

Risk Factors

Risk Factors 52 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 52 Item 3. Defaults upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

SIGNATURES

SIGNATURES 56 2 T a b l e o f C o n t e n t s

FINANCIAL INFORMATION

Part I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements SEACOAST BANKING CORPORATION OF FLORIDA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME (Unaudited) Three Months Ended March 31, (In thousands, except per share data) 2024 2023 Interest and fees on loans $ 147,095 $ 135,168 Interest and dividends on securities 22,427 19,349 Interest on interest bearing deposits and other investments 6,184 3,474 Total Interest Income 175,706 157,991 Interest on deposits 47,534 16,033 Interest on time certificates 17,121 5,552 Interest on borrowed money 5,973 5,254 Total Interest Expense 70,628 26,839 Net Interest Income 105,078 131,152 Provision for credit losses 1,368 31,598 Net Interest Income after Provision for Credit Losses 103,710 99,554 Noninterest income: Service charges on deposit accounts 4,960 4,242 Interchange income 1,888 4,694 Wealth management income 3,540 3,063 Mortgage banking fees 381 426 Insurance agency income 1,291 1,101 SBA gains 739 322 BOLI income 2,264 1,916 Other 5,205 6,574 20,268 22,338 Securities gains, net 229 107 Total Noninterest Income 20,497 22,445 Noninterest Expense: Salaries and wages 40,304 47,616 Employee benefits 7,889 8,562 Outsourced data processing costs 12,118 14,553 Occupancy 8,037 8,019 Furniture and equipment 2,011 2,267 Marketing 2,655 2,238 Legal and professional fees 2,151 7,479 FDIC assessments 2,158 1,443 Amortization of intangibles 6,292 6,727 Other real estate owned expense and net (gain) loss on sale ( 26 ) 195 3 T a b l e o f C o n t e n t s Provision for credit losses on unfunded commitments 250 1,239 Other 6,532 7,137 Total Noninterest Expense 90,371 107,475 Income Before Income Taxes 33,836 14,524 Provision for income taxes 7,830 2,697 Net Income $ 26,006 $ 11,827 Share Data Net income per share of common stock Diluted $ 0.31 $ 0.15 Basic 0.31 0.15 Average common shares outstanding Diluted 85,270 80,717 Basic 84,908 80,151 See notes to unaudited consolidated financial statemen

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Note 1 – Basis of Presentation Basis of Presentation: The accompanying unaudited consolidated financial statements of Seacoast Banking Corporation of Florida and its subsidiaries (the "Company") have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period presentation. Operating results for the three months ended March 31, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024, or any other period. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. Use of Estimates: The preparation of these consolidated financial statements requires management to make judgments in the application of certain accounting policies that involve significant estimates and assumptions. The Company has established policies and control procedures that are intended to ensure valuation methods are well-controlled and applied consistently from period to period. These estimates and assumptions, which may materially affect the reported amounts of certain assets, liabilities, revenues, and expenses, are based on information available as of the date of the financial statements, and changes in this information over time and the use of revised estimates and assumptions could materially affect amounts reported in subsequent financial statements. Specific are

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View this 10-Q filing on SEC EDGAR