Business
Seacoast Reports Fourth Quarter and Full Year 2022 Results
Fourth Quarter 2022 Net Interest Margin Expands to 4.36%, Up 69 Basis Points from Prior Quarter Completes Acquisitions of Apollo Bancshares, Inc. and Drummond
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Fourth Quarter 2022 Net Interest Margin Expands to 4.36%, Up 69 Basis Points from Prior Quarter Completes Acquisitions of Apollo Bancshares, Inc. and Drummond Banking Company Well-Positioned Balance Sheet with Strong Capital Position STUART, Fla., Jan. 26, 2023 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) today reported net income in the fourth quarter of 2022 of $23.9 million, or $0.34 per diluted share, including $16.1 million in merger-related costs and $15.0 million in provision for credit losses associated with bank acquisitions during the quarter. Fourth quarter 2022 net income decreased 18% compared to the third quarter of 2022 and decreased 34% compared to the fourth quarter of 2021, each the result of bank merger activity in the fourth quarter 2022. For the full year 2022, net income was $106.5 million, or $1.66 per diluted share, a decrease of 14% compared to the full year 2021. Adjusted net income1 for the fourth quarter of 2022 was $39.9 million, or $0.56 per diluted share, which included $15.0 million in the provision for credit losses associated with acquisition activity during the quarter. Fourth quarter 2022 adjusted net income1 increased 22% compared to the third quarter 2022 and increased 8% compared to the fourth quarter 2021. Adjusted net income1 for the full year 2022 was $136.1 million, or $2.12 per diluted share, an increase of 1% compared to the full year 2021. Pre-tax pre-provision earnings1 were $46.0 million in the fourth quarter 2022, an increase of 7% compared to the third quarter of 2022 and 13% compared to the fourth quarter 2021. For the year ended December 31, 2022, pre-tax pre-provision earnings1 were $164.8 million, an increase of 10% compared to the full year 2021. Adjusted pre-tax pre-provision earnings1 were $66.6 million in the fourth quarter 2022, an increase of 36% compared to the third quarter 2022 and 58% compared to the fourth quarter 2021. Adjusted pre-tax pre-provision earnings1 for the full year 2022 were $203.8 million, an increase of $39.2 million or 24% when compared to the full year 2021. For the fourth quarter of 2022, return on average tangible assets was 0.94%, return on average tangible shareholders' equity was 10.36%, and the efficiency ratio was 63.39%, compared to 1.17%, 11.53%, and 57.13%, respectively, in t...