earnings
confidence high
sentiment neutral
materiality 0.70
Seacoast Q2 net income $31.2M; workforce reduced ~5% in late July
SEACOAST BANKING CORP OF FLORIDA
- Net income $31.2M ($49.2M adjusted); ROTCE 12.08% (16.08% adjusted).
- Total deposits stable at $12.3B; loans $10.1B, down $16M QoQ.
- Workforce reduced ~5% in late July to improve efficiency.
- NIM 3.86%, down 45bps QoQ on higher deposit costs and lower accretion.
- Wealth AUM $1.6B, up 36% YoY; efficiency ratio 67.3% GAAP (56.4% adjusted).