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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