Seacoast Q4 net income $29.5M ($0.35 EPS); expense reduction phase 2 announced

SEACOAST BANKING CORP OF FLORIDA

2023-FY EPS reported $1.23

Net income $29.5M ($0.35 diluted EPS); adjusted net income $36.5M ($0.43 diluted EPS).
Noninterest expense down 8% QoQ; Q1 2024 expects ~$5M one-time charges and ~$15M annual savings.
Opportunistic securities sale: sold $82.9M (3% of portfolio) at 3.14%, reinvested at 6.05%; 1.3-year earnback.
Tangible book value per share up 23% annualized to $15.08; Tier 1 capital ratio 14.6%.
Net charge-offs increased to $12.7M (0.50% annualized) vs $3.2M prior quarter; NPLs rose to $65.1M (0.65% of loans).

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