Seacoast Banking Corporation of Florida reported net income of $30.7 million, or $0.36 per diluted share, for the third quarter of 2024. Pre-tax pre-provision earnings increased by 3% quarter-over-quarter to $46.1 million, and adjusted pre-tax pre-provision earnings rose 4% to $46.4 million.
The company achieved annualized loan growth of 6.6%, totaling $166.8 million, and annualized customer deposit growth of 7%. Wealth management assets under management reached $2.0 billion, marking a 16% increase year-to-date.
Seacoast maintained a strong balance sheet with a Tier 1 capital ratio of 14.8% and a tangible common equity to tangible assets ratio of 9.64%. The company noted a potential additional provision for credit losses between $5 million and $10 million in the fourth quarter of 2024 due to Hurricane Milton.
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