Seacoast reports Q4 2022 NIM 4.36%; adjusted PTPP up 36%, loan growth 14% annualized

SEACOAST BANKING CORP OF FLORIDA

2022-FY EPS reported $1.66

Net interest margin expanded 69 bps to 4.36%; adjusted PTPP increased 36% to $66.6M.
Organic loan growth 14% annualized; cost of deposits remained low at 21 bps.
Completed Apollo Bancshares and Drummond Banking acquisitions on Oct 7, 2022; Professional Holding Corp deal closed Jan 31, 2023.
Wealth management AUM reached $1.4B, up 12% YoY.
Nonperforming loans only 0.35% of total loans; allowance for credit losses $113.9M (1.40% of loans).

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