Seacoast Q4 net income $34.1M, adjusted EPS $0.48; NIM expands 22 bps to 3.39%

SEACOAST BANKING CORP OF FLORIDA

2024-FY EPS reported $1.42

GAAP net income $34.1M ($0.40 diluted EPS); adjusted net income $40.6M ($0.48 diluted EPS).
Net interest margin expanded 22 bps to 3.39%; cost of deposits declined 26 bps to 2.08%.
Loans grew 3.7% annualized; record originations of $903M; loan yield 5.93%.
Securities repositioning: $8M pre-tax loss on $113M sold; reinvested at 5.4% yield, <3-year earnback.
Full-year 2024 net income $121M ($1.42 EPS) vs $104M ($1.23 EPS) in 2023.

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