SEACOAST BANKING CORP OF FLORIDA

For the period ended Sep 30, 2024. Filed Nov 6, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 6, 2024

SBCF$34.07-0.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated statements of income – months ended and

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 credit losses on unfunded commitments	250	—	751	1,239
Other	5,945	7,210	18,346	22,613
Total Noninterest Expense	84,818	93,915	257,726	309,255
Income Before Income Taxes	39,253	40,490	112,242	96,452

Net income per share of common stock
Provision for income taxes	8,602	9,076	25,341	21,962
Net Income	$30,651	$31,414	$86,901	$74,490
Diluted	$0.36	$0.37	$1.02	$0.89
Basic	0.36	0.37	1.03	0.89
Average common shares outstanding
Diluted	85,069	85,666	84,915	83,993
Basic	84,434	85,142	84,319	83,457

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.