Business
Seacoast Reports Third Quarter 2022 Results
Significant Expansion in Net Interest Margin and Net Interest Income Highlight Q3 Results Well-Positioned Balance Sheet with Strong Capital and Liquidity
About this update from Seacoast Banking Corporation Of Florida
[{"type":"text","content":"Significant Expansion in Net Interest Margin and Net Interest Income Highlight Q3 Results Well-Positioned Balance Sheet with Strong Capital and Liquidity STUART, Fla., Oct. 27, 2022 (GLOBE NEWSWIRE) -- Seacoast Banking Corporation of Florida (\"Seacoast\" or the \"Company\") (NASDAQ: SBCF) today reported net income in the third quarter of 2022 of $29.2 million, or $0.47 per diluted share. Third quarter 2022 net income decreased 11% compared to the second quarter of 2022 due to higher provision for credit losses resulting from changes in economic forecast factors, and additional coverage for estimated economic impacts from Hurricane Ian. Third quarter 2022 net income increased 27% compared to the third quarter of 2021. Adjusted net income1 for the third quarter of 2022 was $32.8 million, or $0.53 per diluted share. Third quarter 2022 adjusted net income1 decreased 10% compared to the second quarter of 2022 due to a higher provision for credit losses. Third quarter 2022 adjusted net income1 increased 12% compared to the third quarter of 2021. Pre-tax pre-provision earnings1 were $43.1 million in the third quarter of 2022, an increase of 1% compared to the second quarter of 2022 and 23% compared to the third quarter of 2021. Adjusted pre-tax pre-provision earnings1 were $49.0 million in the third quarter of 2022, an increase of 6% compared to the second quarter of 2022 and 12% compared to the third quarter of 2021. At September 30, 2022, the ratio of tangible common equity to tangible assets increased to 9.79%, and tangible book value per share was $15.98. A decline in the value of the available for sale securities portfolio, driven by rising interest rates during the first three quarters of 2022, negatively impacted the ratio of tangible common equity to tangible assets by 159 basis points and negatively impacted tangible book value per share by $2.93 compared to December 31, 2021. For the third quarter of 2022, return on average tangible assets was 1.17%, return on average tangible shareholders' equity was 11.53%, and the efficiency ratio was 57.13%, compared to 1.29%, 13.01%, and 56.22%, respectively, in the prior quarter, and 1.00%, 9.56%, and 59.55%, respectively, in the prior year quarter. Adjusted return on average tangible assets1 in the third quarter of 2022 was 1.27%, adjusted return on average tangible shareholders' equi...