Business
Seacoast Reports First Quarter 2023 Results
Well-Positioned $15 Billion Balance Sheet with Strong Capital and Liquidity Strong Deposit Franchise with Granular, Longstanding Customer Base Completes
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Well-Positioned $15 Billion Balance Sheet with Strong Capital and Liquidity Strong Deposit Franchise with Granular, Longstanding Customer Base Completes Acquisition of Professional Holding Corp. STUART, Fla., April 27, 2023 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) today reported net income in the first quarter of 2023 of $11.8 million, or $0.15 per diluted share, including $17.5 million in combined merger-related costs for the acquisitions of both Drummond Banking Company (“Drummond”) and Professional Holding Corp. (“Professional”). Adjusted net income1 for the first quarter of 2023 was $29.2 million, or $0.36 per diluted share. The first quarter results included recording a day-1 provision for credit losses of $26.6 million upon the acquisition of Professional Holding Corp. Pre-tax pre-provision earnings1 were $46.3 million in the first quarter of 2023, an increase of 1% compared to the fourth quarter of 2022 and an increase of 40% compared to the first quarter of 2022. Adjusted pre-tax pre-provision earnings1 were $71.1 million in the first quarter of 2023, an increase of 7% compared to the fourth quarter of 2022 and an increase of 70% compared to the first quarter of 2022. Charles M. Shaffer, Seacoast's Chairman and CEO said, \"Seacoast delivered another quarter of strong financial performance, with continued solid growth in pre-tax pre-provision earnings. We closed on our acquisition of Professional, increasing Seacoast’s market share in the attractive and fast-growing South Florida market.” Shaffer added, “Recent events in the banking industry nationally emphasize the importance of Seacoast’s strong deposit franchise, disciplined credit and conservative balance sheet principles. Over our 96-year history, Seacoast has focused on executing a balanced growth strategy that emphasizes a relationship-driven approach to customer acquisition. This, in turn, has produced a granular and diverse loan portfolio and a broadly diversified and stable funding base. We today serve more than 270,000 customers in a wide variety of segments and industries, including consumers, small businesses, middle market operating companies, municipalities, and other governmental entities.” \"We have never chased transactional business and have instead, carefully constructed our balance sh...