Seacoast Banking Corporation of Florida reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance in revenue and profitability compared to the previous fiscal period.
For Q3 2024, the company recorded total interest income of $184.1 million, up from $179.8 million in Q3 2023. However, net interest income decreased to $106.7 million from $119.3 million year-over-year, primarily due to increased deposit costs, which rose to 2.34% from 1.79% in the same quarter last year. The net interest margin for Q3 2024 was 3.17%, a decline from 3.57% in Q3 2023. The yield on loans increased slightly to 5.94%, while the yield on securities rose to 3.65% for the nine months ended September 30, 2024.
Total noninterest income for Q3 2024 was $23.7 million, a significant increase of 33% from $17.8 million in Q3 2023. This growth was driven by higher service charges and wealth management income. For the nine months ended September 30, 2024, total noninterest income reached $66.4 million, up from $61.8 million in the prior year.
Net income for Q3 2024 was $30.7 million, a slight decrease from $31.4 million in Q3 2023, while net income for the nine months increased to $86.9 million from $74.5 million year-over-year. Basic earnings per share for Q3 2024 were $0.36, down from $0.37 in Q3 2023, but up to $1.02 for the nine months compared to $0.89 in the previous year.
The company’s total assets grew to $15.2 billion as of September 30, 2024, an increase of $588.1 million from December 31, 2023. Total loans reached $10.2 billion, reflecting a 1.4% increase from the end of 2023. Deposits also rose to $12.2 billion, up 4% from $11.8 billion at the end of the previous year.
Seacoast's noninterest expenses decreased to $84.8 million in Q3 2024, down from $93.9 million in Q3 2023, contributing to improved efficiency. The provision for credit losses for Q3 2024 was $6.3 million, compared to $2.7 million in Q3 2023, reflecting ongoing credit quality concerns.
Strategically, the company completed the acquisition of Professional Holding Corp. in January 2023, which expanded its presence in South Florida. The integration of this acquisition continues to impact financial results, with goodwill recognized from the transaction amounting to $251.7 million.
Overall, Seacoast Banking Corporation's performance in Q3 2024 reflects a combination of revenue growth in noninterest income, challenges in net interest income due to rising costs, and a solid increase in net income for the nine-month period.
About SEACOAST BANKING CORP OF FLORIDA
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.