Seacoast Banking Corp. Q3 2024 10-Q Filed

TL;DR

Seacoast Bank's Q3 2024 10-Q is in. Check financials for performance updates.

AI Summary

Seacoast Banking Corp. of Florida filed its 10-Q for the period ending September 30, 2024. The filing details the company's financial performance and position during the third quarter of 2024, including changes in its balance sheet and income statement items compared to previous periods. Specific financial data and operational updates are provided for the quarter and year-to-date.

Why It Matters

This filing provides investors and analysts with the latest financial results and operational details for Seacoast Banking Corp., crucial for understanding the bank's performance and future outlook.

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 Q3 — Reporting Period (Indicates the specific quarter for which financial data is reported.)
• 2024-09-30 — As of Date (The date as of which the financial statements are presented.)
• 2023-09-30 — Prior Year Comparison Date (Used for year-over-year financial comparisons.)

Key Players & Entities

• SEACOAST BANKING CORP OF FLORIDA (company) — Filer
• 0000730708-24-000213 (other) — Accession Number
• 20240930 (date) — Period of Report
• 20241106 (date) — Filed as of Date
• STUART (location) — City
• FL (location) — State

FAQ

Key Financial Figures

• $0.10 — e Exchange Act). Yes No Common Stock, $0.10 Par Value – 85,441,001 shares outstandi

Filing Documents

• sbcf-20240930.htm (10-Q) — 3297KB
• sbcf3q09302024ex311.htm (EX-31.1) — 21KB
• sbcf3q09302024ex312.htm (EX-31.2) — 21KB
• sbcf3q09302024ex321.htm (EX-32.1) — 10KB
• sbcf3q09302024ex322.htm (EX-32.2) — 10KB
• 0000730708-24-000213.txt ( ) — 14487KB
• sbcf-20240930.xsd (EX-101.SCH) — 53KB
• sbcf-20240930_cal.xml (EX-101.CAL) — 151KB
• sbcf-20240930_def.xml (EX-101.DEF) — 337KB
• sbcf-20240930_lab.xml (EX-101.LAB) — 782KB
• sbcf-20240930_pre.xml (EX-101.PRE) — 566KB
• sbcf-20240930_htm.xml (XML) — 3329KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) Consolidated statements of income – Three and nine months ended September 30, 2024 and 2023 3 Consolidated statements of comprehensive income (loss) – Three and nine months ended September 30, 2024 and 2023 5 Consolidated balance sheets - September 30, 2024 and December 31, 2023 6 Consolidated statements of cash flows – Nine months ended September 30, 2024 and 2023 7 Consolidated statements of shareholders' equity - Three and nine months ended September 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 55 Item 4.

Controls and Procedures

Controls and Procedures 55 Part II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 56 Item 1A.

Risk Factors

Risk Factors 56 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 56 Item 3. Defaults upon Senior Securities 57 Item 4. Mine Safety Disclosures 57 Item 5. Other Information 57 Item 6. Exhibits 57

SIGNATURES

SIGNATURES 59 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 September 30, Nine Months Ended September 30, (In thousands, except per share data) 2024 2023 2024 2023 Interest and fees on loans $ 150,980 $ 149,871 $ 445,367 $ 433,304 Interest and dividends on securities 25,997 21,498 72,612 61,842 Interest on interest bearing deposits and other investments 7,138 8,477 21,650 16,974 Total Interest Income 184,115 179,846 539,629 512,120 Interest on deposits 51,963 38,396 150,816 81,612 Interest on time certificates 19,002 16,461 54,051 36,490 Interest on borrowed money 6,485 5,683 18,595 16,597 Total Interest Expense 77,450 60,540 223,462 134,699 Net Interest Income 106,665 119,306 316,167 377,421 Provision for credit losses 6,273 2,694 12,559 33,528 Net Interest Income after Provision for Credit Losses 100,392 116,612 303,608 343,893 Noninterest income: Service charges on deposit accounts 5,412 4,648 15,714 13,450 Interchange income 1,911 1,684 5,739 11,444 Wealth management income 3,843 3,138 11,149 9,519 Mortgage banking fees 485 410 1,448 1,412 Insurance agency income 1,399 1,183 4,045 3,444 SBA gains 391 613 1,824 1,184 BOLI income 2,578 2,197 7,438 6,181 Other 7,473 4,307 18,631 15,636 23,492 18,180 65,988 62,270 Securities gains (losses), net 187 ( 387 ) 372 ( 456 ) Total Noninterest Income 23,679 17,793 66,360 61,814 Noninterest expense: Salaries and wages 40,697 46,431 119,938 139,202 Employee benefits 6,955 7,206 21,705 23,240 Outsourced data processing costs 8,003 8,714 28,331 43,489 Occupancy 7,096 7,758 22,313 24,360 Furniture and equipment 2,060 2,052 6,027 6,664 Marketing 2,729 1,876 8,650 6,161 Legal and professional fees 2,708 2,679 6,841 14,220 FDIC assessments 1,882 2,258 6,171 5,817 Amortization of intangibles 6,002 7,457 18,297 21,838 Other real estate owned expense and net loss on sale 491 274 356 412 Provision for cred

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 nine months ended September 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.

View Full Filing

View this 10-Q filing on SEC EDGAR