Seacoast Banking reports Q3 EPS 36c, consensus 36c

Reports Q3 revenue $130.3M, consensus $129.2M. Q3 net interest margin decreased one basis point to 3.17% compared to 3.18% in Q2. Tangible book value per share increased 20% annualized from the prior quarter to $16.20 as of September 30, 2024, vs. $15.41 as of June 30, 2024, and $14.26 as of September 30, 2023. CEO Charles Shaffer stated, “I would like to thank all of the Seacoast associates for their unwavering dedication during the challenging impact of back-to-back significant hurricanes…Turning to Q3 results, this marks the turn in organic growth we had anticipated, with nearly 7% annualized loan growth and 7% annualized customer deposit growth, clearly showcasing the results of our previous investments in banking teams across the state. Additionally, this quarter demonstrated continued growth in net interest income, noninterest income and, when removing accretion on acquired loans, expansion in the net interest margin. Our competitive transformation is taking shape as we build Seacoast into Florida’s leading regional bank. We expect to continue to see positive results from recent talent acquisitions, which will drive further organic growth in the coming periods. We remain committed to a disciplined approach to credit, and our balance sheet is one of the strongest in the industry, with a Tier 1 capital ratio of 14.8%2 as of September 30, 2024. The ratio of tangible common equity to tangible assets has increased to a strong 9.64%. Our liquidity position is also robust, with a loan-to-deposit ratio of 83%, providing us with balance sheet flexibility as we continue to work towards stronger earnings in the coming periods.”