Mission Statement, Vision, & Core Values (2024) of Seacoast Banking Corporation of Florida (SBCF)

An Overview of Seacoast Banking Corporation of Florida (SBCF)

Overview of Seacoast Banking Corporation of Florida (SBCF)

Seacoast Banking Corporation of Florida (SBCF) has a rich history that dates back to its founding in 1926. Over the years, the company has evolved into a leading financial institution in Florida, providing a wide range of banking and financial services. SBCF operates through its primary subsidiary, Seacoast National Bank, which offers commercial and consumer banking products, including loans, deposits, and various financial management services.

As of 2024, Seacoast Banking Corporation of Florida has reported total assets of approximately $15.2 billion. The company offers a diverse array of products, including:

• Commercial loans
• Consumer loans
• Wealth management services
• Mortgage banking
• Insurance services

In 2024, the company has seen significant growth in its sales, particularly in its core banking services, which have contributed to its robust market position.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period for the third quarter of 2024, Seacoast Banking Corporation of Florida achieved a net interest income of $106.7 million, reflecting a 2% increase from the second quarter of 2024. However, this figure represents a decrease of 11% compared to the same quarter in the previous year. For the nine months ended September 30, 2024, net interest income totaled $316.2 million, down by 16% year-over-year.

The net interest margin for the third quarter of 2024 was reported at 3.17%, which is slightly lower than the 3.18% recorded in the previous quarter and significantly down from 3.57% in the third quarter of 2023. The yield on loans increased to 5.94%, while the cost of deposits rose to 2.34%.

Additionally, the company reported a net income of $30.7 million for the third quarter of 2024, which equates to $0.36 per average diluted share. This is a marginal increase of 1% compared to the previous quarter but a decrease of 2% year-over-year. The adjusted net income for the same quarter was $30.5 million, also reflecting a year-over-year decline.

Introduction to Company as a Leader in the Industry

Seacoast Banking Corporation of Florida stands out as a prominent player in the banking industry, particularly within the Florida market. The company is recognized for its strong customer relationships and commitment to community banking. The strategic focus on organic growth and the enhancement of customer service has positioned SBCF as a leader in the financial services sector.

With a Tier 1 capital ratio of 14.8% and a tangible common equity to tangible assets ratio of 9.6%, SBCF maintains a strong capital position, ensuring resilience and stability in a competitive landscape. The company continues to invest in technology and talent to enhance its service offerings and expand its market reach, making it a compelling choice for investors and customers alike.

To understand the factors contributing to Seacoast Banking Corporation of Florida's success and its vision for the future, readers are encouraged to explore the subsequent sections of this report.

Mission Statement of Seacoast Banking Corporation of Florida (SBCF)

Company's Mission Statement Overview

The mission statement of Seacoast Banking Corporation of Florida (SBCF) serves as a guiding framework for the company's strategic initiatives and long-term objectives. It articulates the bank's commitment to delivering exceptional banking services and fostering strong relationships with customers, communities, and stakeholders. This mission is critical for aligning operational strategies with the organization's vision and values, ultimately enhancing customer satisfaction and shareholder value.

Core Component 1: Customer Commitment

Seacoast Banking Corporation emphasizes a strong commitment to providing high-quality products and services tailored to meet customer needs. This dedication is reflected in the company's significant growth metrics, such as:

• Net income of $30.7 million for the third quarter of 2024, representing a 1% increase from the previous quarter.
• Loan growth of 6.6% on an annualized basis, totaling $10.2 billion.
• Noninterest income increased to $23.7 million, a 33% year-over-year increase.

Core Component 2: Community Engagement

Engaging with the community is integral to SBCF's mission. The bank actively participates in local initiatives and strives to enhance the economic vitality of the regions it serves. This community focus is evidenced by:

• Maintaining 77 full-service branches across Florida, which supports local economies.
• Providing uninterrupted banking services during natural disasters, illustrating resilience and commitment to customer service.
• Total uninsured deposits estimated at $4.3 billion, representing 36% of overall deposit accounts, reflecting trust and stability in community banking.

Core Component 3: Innovation and Growth

Seacoast is dedicated to innovation and strategic growth, continually enhancing its service offerings through technology and customer-focused solutions. Key indicators of this commitment include:

• A tangible book value per share increase of 20% on an annualized basis to $16.20.
• Strong loan pipelines with commercial and commercial real estate originations reaching $499.7 million in the third quarter of 2024.
• Investments in talent acquisition from larger regional banks, enhancing the bank's competitive edge.

Vision Statement of Seacoast Banking Corporation of Florida (SBCF)

Vision Statement of Seacoast Banking Corporation of Florida (SBCF)

The vision statement of Seacoast Banking Corporation of Florida outlines the company's aspirations as it aims to be the premier community bank in Florida, focusing on enhancing customer relationships, innovation in banking technology, and sustainable growth.

Seacoast Banking Corporation emphasizes a strong customer-centric approach, aiming to build lasting relationships with clients by providing tailored financial solutions. As of September 30, 2024, the bank reported a total of $12.2 billion in deposits, reflecting an increase of $466.7 million, or 4% from December 31, 2023 . This growth is indicative of the bank's commitment to meeting customer needs and enhancing satisfaction.

Innovation is a core component of Seacoast's vision. The bank continues to invest in advanced digital banking solutions, ensuring customers have access to state-of-the-art financial tools. As of the third quarter of 2024, the bank's digital platforms have seen significant adoption, contributing to a 33% year-over-year increase in noninterest income, which reached $23.7 million . This increase demonstrates the effectiveness of their technological advancements in enhancing customer experience.

Seacoast Banking Corporation is committed to sustainable growth that positively impacts the communities it serves. For the nine months ended September 30, 2024, the bank reported net income of $86.9 million, marking a 17% increase compared to the previous year . This financial performance underlines the bank's capacity to grow while contributing to economic development in Florida.

Part of Seacoast's vision involves active engagement in community development. The bank has strategically expanded its branch network to 77 full-service locations across Florida, facilitating better access to banking services for local communities. This expansion aligns with their goal of enhancing local economies while providing essential financial services .

Seacoast Banking Corporation maintains a strong capital position, with a Tier 1 capital ratio of 14.76% as of September 30, 2024, well above the regulatory minimum . This robust capital base supports the bank's vision of sustainable growth and its ability to withstand economic fluctuations, ensuring long-term stability for its stakeholders.

Overall, Seacoast Banking Corporation's vision statement reflects its commitment to customer service, innovation, community impact, and financial strength, positioning the bank as a leader in the Florida banking sector.

Core Values of Seacoast Banking Corporation of Florida (SBCF)

Core Values of Seacoast Banking Corporation of Florida (SBCF)

Integrity

Integrity is the cornerstone of Seacoast Banking Corporation's operations, ensuring that the company maintains transparency and accountability in all its dealings.

In 2024, Seacoast has demonstrated its commitment to integrity through its ethical practices and adherence to regulatory standards. For instance, the company reported a Tier 1 capital ratio of 14.76%, significantly above the regulatory minimum of 8%, reflecting its strong capital position and commitment to maintaining financial stability.

Customer Focus

Customer focus drives Seacoast's mission to provide exceptional financial services tailored to the needs of its clients.

The bank's customer-centric approach is evident in its growth metrics. As of September 30, 2024, total deposits increased to $12.2 billion, up by $466.7 million or 4% from December 31, 2023. Additionally, noninterest-bearing deposits grew by $45.5 million, or 5.3% annualized during the same period.

Community Engagement

Seacoast Banking Corporation is committed to making a positive impact in the communities it serves.

In response to the challenges posed by Hurricanes Helene and Milton in late 2024, Seacoast maintained uninterrupted digital and telephone access for customers and reopened branches promptly. Furthermore, the company actively participates in recovery efforts, showcasing its dedication to community support during crises.

Innovation

Innovation is vital for Seacoast to stay competitive in the evolving financial landscape.

The bank has embraced technological advancements, enhancing its online and mobile banking platforms to improve customer experience. As of September 30, 2024, the bank's loan portfolio grew to $10.2 billion, reflecting a 6.6% annualized increase. This growth is supported by a robust loan pipeline of $831.1 million.

Excellence

Striving for excellence ensures that Seacoast delivers high-quality services across all business segments.

The company’s recent financial performance underscores its commitment to excellence. In the third quarter of 2024, Seacoast reported net income of $30.7 million, representing a 1% increase from the previous quarter. Additionally, noninterest income rose to $23.7 million, marking a 33% year-over-year increase.

Updated on 16 Nov 2024

Resources:

1. Seacoast Banking Corporation of Florida (SBCF) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Seacoast Banking Corporation of Florida (SBCF)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Seacoast Banking Corporation of Florida (SBCF)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.