Seacoast Q2 net income $30.2M, EPS $0.36; deposit costs stabilizing, tangible book $15.41

SEACOAST BANKING CORP OF FLORIDA

Net income $30.2M ($0.36 diluted EPS); pre-tax pre-provision adjusted earnings up $2.0M QoQ to $44.5M.
NIM contracted 6 bps to 3.18%; cost of deposits stabilized at 2.31% in May/June.
Loans grew $60.5M; pipeline up 46% to $834.4M; wealth management AUM record $1.9B.
Noninterest expense down $7.8M QoQ; adjusted efficiency ratio 60.2%.
Strong capital: Tier 1 ratio 14.8%, TCE/TA 9.3%; tangible book value per share $15.41.

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