Seacoast Banking Corp. Q2 2024 10-Q Filing

TL;DR

**Seacoast Banking Corp. dropped its Q2 2024 10-Q. Check financials.**

AI Summary

Seacoast Banking Corp. of Florida filed its 10-Q for the period ending June 30, 2024. The filing details the company's financial performance and position during the second quarter of 2024. Key financial data and operational updates are provided for investors and stakeholders.

Why It Matters

This filing provides crucial financial insights into Seacoast Banking Corp.'s performance, impacting investor decisions and market perception of the Florida-based bank.

Risk Assessment

Risk Level: medium — As a publicly traded bank, Seacoast Banking Corp. is subject to various financial and regulatory risks inherent in the banking industry.

Key Numbers

• 2024 Q2 — Reporting Period (Indicates the quarter for which financial results are reported.)
• 20240807 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• SEACOAST BANKING CORP OF FLORIDA (company) — Filer
• 0000730708 (company) — Central Index Key
• FL (state) — State of Incorporation
• STUART (city) — Business Address City
• 20240630 (date) — Period of Report

FAQ

Key Financial Figures

• $0.10 — e Exchange Act). Yes No Common Stock, $0.10 Par Value – 85,299,154 shares as of Jun

Filing Documents

• sbcf-20240630.htm (10-Q) — 3322KB
• sbcf2q06302024ex311.htm (EX-31.1) — 21KB
• sbcf2q06302024ex312.htm (EX-31.2) — 21KB
• sbcf2q06302024ex321.htm (EX-32.1) — 10KB
• sbcf2q06302024ex322.htm (EX-32.2) — 10KB
• 0000730708-24-000197.txt ( ) — 14385KB
• sbcf-20240630.xsd (EX-101.SCH) — 51KB
• sbcf-20240630_cal.xml (EX-101.CAL) — 151KB
• sbcf-20240630_def.xml (EX-101.DEF) — 327KB
• sbcf-20240630_lab.xml (EX-101.LAB) — 766KB
• sbcf-20240630_pre.xml (EX-101.PRE) — 552KB
• sbcf-20240630_htm.xml (XML) — 3320KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated statements of income – Three and six months ended June 30, 2024 and 2023 3 Consolidated statements of comprehensive income (loss) – Three and six months ended June 30, 2024 and 2023 5 Consolidated balance sheets - June 30, 2024 and December 31, 2023 6 Consolidated statements of cash flows – Six months ended June 30, 2024 and 2023 7 Consolidated statements of shareholders' equity - Three and six months ended June 30, 2024 and 2023 9

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 11 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 32 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 53 Item 4.

Controls and Procedures

Controls and Procedures 54 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 55 Item 1A.

Risk Factors

Risk Factors 55 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 55 Item 3. Defaults upon Senior Securities 55 Item 4. Mine Safety Disclosures 55 Item 5. Other Information 56 Item 6. Exhibits 56

SIGNATURES

SIGNATURES 58 2 Table of Contents

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 June 30, Six Months Ended June 30, (In thousands, except per share data) 2024 2023 2024 2023 Interest and fees on loans $ 147,292 $ 148,265 $ 294,387 $ 283,433 Interest and dividends on securities 24,188 20,995 46,615 40,344 Interest on interest bearing deposits and other investments 8,328 5,023 14,512 8,497 Total Interest Income 179,808 174,283 355,514 332,274 Interest on deposits 51,319 27,183 98,853 43,216 Interest on time certificates 17,928 14,477 35,049 20,029 Interest on borrowed money 6,137 5,660 12,110 10,914 Total Interest Expense 75,384 47,320 146,012 74,159 Net Interest Income 104,424 126,963 209,502 258,115 Provision for credit losses 4,918 ( 764 ) 6,286 30,834 Net Interest Income after Provision for Credit Losses 99,506 127,727 203,216 227,281 Noninterest income: Service charges on deposit accounts 5,342 4,560 10,302 8,802 Interchange income 1,940 5,066 3,828 9,760 Wealth management income 3,766 3,318 7,306 6,381 Mortgage banking fees 582 576 963 1,002 Insurance agency income 1,355 1,160 2,646 2,261 SBA gains 694 249 1,433 571 BOLI income 2,596 2,068 4,860 3,984 Other 5,953 4,755 11,158 11,329 22,228 21,752 42,496 44,090 Securities (losses) gains, net ( 44 ) ( 176 ) 185 ( 69 ) Total Noninterest Income 22,184 21,576 42,681 44,021 Noninterest expense: Salaries and wages 38,937 45,155 79,241 92,771 Employee benefits 6,861 7,472 14,750 16,034 Outsourced data processing costs 8,210 20,222 20,328 34,775 Occupancy 7,180 8,583 15,217 16,602 Furniture and equipment 1,956 2,345 3,967 4,612 Marketing 3,266 2,047 5,921 4,285 Legal and professional fees 1,982 4,062 4,133 11,541 FDIC assessments 2,131 2,116 4,289 3,559 Amortization of intangibles 6,003 7,654 12,295 14,381 Other real estate owned expense and net (gain) loss on sale ( 109 ) ( 57 ) ( 135 ) 138 3 Table of

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 and six months ended June 30, 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. Speci

View Full Filing

View this 10-Q filing on SEC EDGAR