secwatch.observer — SEC 8-K summary
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Issuer:     SEACOAST BANKING CORP OF FLORIDA (SBCF)
CIK:        0000730708
Form:       8-K
Filed at:   2024-02-14T23:59:59+00:00
Accession:  0000730708-24-000068
Event type: earnings
Sentiment:  neutral
Materiality: 0.75
Item codes: 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/730708/000073070824000068/0000730708-24-000068-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/730708/000073070824000068/sbcf-20240214.htm
  HTML page:      https://secwatch.observer/filing/0000730708-24-000068

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