Seacoast Q3 net interest income down 6%; NIM 3.57%; organic deposit growth 3.7%

SEACOAST BANKING CORP OF FLORIDA

2023-Q3 EPS reported $0.89

Net interest income (FTE) $119.5M, down $7.6M from prior quarter; NIM fell 29 bps to 3.57%.
Noninterest income $17.8M, down 18% due to Durbin amendment impact on interchange fees.
Loans $10.01B, down $107M; new loan yields ~8%; loan-to-deposit ratio low at 83%.
Tier 1 capital ratio 14.0%; tangible book value $14.26, up from prior quarter.
Reduced workforce by 6% and consolidated a branch; adjusted efficiency ratio 60.2%.

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