The following is a summary of the Seacoast Banking Corporation of Florida (SBCF) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Seacoast reported a net income of $30.2 million or $0.36 per share in Q2 2024.

• Net interest income declined modestly with core net interest margin contracting 4 basis points to 2.87%.

• Non-interest income, excluding securities activity, increased $2 million in Q2 2024 to $22.2 million.

• Tangible book value per share increased to $15.41.

Business Progress:

• Achieved a 60% increase in commercial loan originations from the previous quarter and a record $744 million late-stage pipeline entering Q3.

• Witnessed improved performance in wealth management fees, service charges on deposits, and insurance agency revenue.

• Successfully lowered the cost of deposits, resulting in stabilization in May and stable credit trends continue with a strong loan pipeline.

Opportunities:

• Future growth in net interest income and net interest margin in the back half of 2024 as anticipated due to higher yields on loans and stabilizing deposit costs.

Risks:

• Charge-offs were slightly higher this quarter at approximately 40 basis points annualized.

More details: Seacoast Bank IR

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