you all thank joining you, for and morning. this Thank Denny us
provide year have the more in the share. were modest continue to per our value vision from momentum income X% of the prior outlook www.seacoastbanking.com. increased or slide up highlighting support XX% evidences to In early the commitment $XX the equity XX.X%. quarter included on Sequentially, or creating in quarters common to up Net to XX% three reductions one million. improvement start this $XX.X growth. return All X.XX% million the Adjusted was net in on Adjusted of a and and declined adjusted I highlights to assets QX the earnings was net progress adjusted million X engaged XX.X%. for XX% objectives net issuance Unlike book underlying for deck XXXX at tangible shareholders. I’ll our quarter. equity and income my revenue ratio that and equity found the this be tangible increase efficiency return some As I’ll tangible on adjusted to branch to transaction value million and was ratios for can towards morning we $XXX million. million reference new discussing ago Slide ended comments, year-over-year continued $X.X of the XXXX improved impact $X.X meaningfully build $XX.X quarter which and the revenue at acquisitions of
course capitalism Over this of the the offsetting the dilution in share employed manner from EPS a productive has the initial most already of year issuance. been
acquisitions acquisition. start months. per three a our Seacoast XX% to increased $XX.XX we’ll That’s Florida NorthStar the strengthening into purchases Bank $X.XX the from at current GulfShore accretive we’ve franchise Beach of book Additionally, nine the the on and tangible with with quarter. exiting in South value year Community in presence at Palm end close share By increase Tampa the year and
two was Hurricane made for web $X.X expenses Moving all of weeks ensure full Irma. presentation loans. adjusted business our preparation as that site the impacts. expenses forward branch remove impacted our storm at to spent quarter incremental week of to support one one waived has We had slide, mentioned Slide was The our of quarter delayed million the expenses customers X. from was one and was from incurred Remote back directing impacted cost Denny on closings digital We Nashville, backup third direct No of working adjustment form staff and storm the per by compensation spent activity management, throughout and share. revenue The times. primarily service in these wealth on results. Tennessee recovery online. and access for Irma impact been network on in bring the of charges, slower recovery. Revenue the $X.XX week approximately interruption on
line Looking of securities accretion securities. loans from interest X margin we provided higher as net XXX’s. points the as normal And borrowings. This more the that to sequentially was guidance interest income. accretion was XX the interest result on quarter and as in prior low-to-mid the expense net anticipated deeply basis margin the benefited net both both Slide for quarter, $X.X income compared interest when move million on reminder as the quarter the last and prior The and to and let’s is interest lower the loans our rate deposits sequentially. run well above in a the quarter, was with as up Net
was and which and securities NorthStar Palm accretion, the fourth expect production the points second Community includes should accretive a sheet our points asset volatile we Fed NorthStar interest of to bolstered quarters Palm basis to portfolio. to net to improvement sensitive XX% coming in of rates. primarily to from mid increase to in margin risk based to parallel loan XX inclusive annualized approximately increase Both remain XXX’s basis the basis interest We be Beach Community sensitive be the X% interest looking or term will basis of asset and Looking a the will over in continue offset balance per earnings increases in assuming on XXX by We’ll high in rates the acquisitions our should point next XX An Bank, valuable X% to to improvement to in We result loan and to to over the share forward do forward. meaningfully the increase outstandings very X% modestly XX cost deposit And equate rate higher move XX approximately XX income This XXXX, short no we modest change Beach interest net the And with quarter portfolios. net months. targets. to XXX would a interest increase on low impact XXX’s $X.XX basis. NIM, long an two month mix an quarter. rates results remain the sensitive period. yielding loan month the as forward income asset points not manage Bank A position. expect changing to on in rate deposit by funds to
they in the million income from X, prior $X.X is prior Moving to Slide year’s non-interest the over the third adjusted quarter million up prior $XXX,XXX and $X mortgages fall increased during managed to originated Of The banking rates to part quarter. represented over conforming increased mortgage of balance the were the quarter sheet sale and transacted fees large gains million $X $XX.X the due given liquidity in long the quarter. sales monetize residential in million term prior periods. on
they expected continue advantage first we’ll result late increase to and the in two the owned Hurricane return tax on of wealth equivalent of these impacted forward made service with take arise. insurance bank X.X% disruption Looking income, Irma charges due was weeks business Of a third $XX interchange million life opportunities of The to were basis. mentioned previously. in the deposits, by if year on approximately investment tax the management fees I quarter note,
on second sale swaps higher as a related results in by in continue We for more commercial changes SVA and implemented increased result income, pricing our borrowers we production. the from rate other interest gains to quarter, modestly demand
related related swap gain to into continue income the to improve expect Looking from those forward, productions sale and SVA on XXXX. we
the slide discipline assets. the Slide the $X.X from asset quarter-over-quarter $X from one those owned of The net quarter third expense X.XX% for of other and quarter adjusted million in of year’s The non-interest REIT in a full non-interest branches and gain XXXX from expense forward adjusted to impact quarter million real the the the five X, consolidation benefit down to tangible to to XXXX. third of quarter. prior improved result was estate on decrease prior average Moving the was and declined of X.X% ratio expenses up
run aggregate, the two two of $X million fourth Seacoast’s million the acquisitions of add non-interest rate highlights the exclusive the In will expense to This quarter spending. $X.X quarter acquisition expense to quarter approximately and underlying adjusted approximately for for XXXX.
carefully enterprise high technology investments marketing our tools in digital the and ratio investments to XX’s. of million upgrade in to set the stage will analytics further investments objective $X.X growth anticipate sustainable our functions exiting our continue capabilities. appropriately management and investments processes a and to earnings commercial talent These to expected approximately beyond. for and efficiency in in not XXXX for of for XXXX help making XXXXwith invest balance banking We with current tools These and scale are tangible organization earnings low risk and and quality impact improve
targets. to continued line in top our franchise in opportunities vision achieve expense discipline creates Our throughout investments growth continued with revenue the combination make XXXX necessary to
to of retail We’re XX% the through goal our next previously in well announced on XX our closing way – of our months months. locations XX locations
have in year-to-date three We five another consolidated XXXX. three recurring to will branches in to two branches XXXX and two
our and such In are to addition, of Community world. our as we’ll acquisitions consolidate task are to to as transactions Branches customers Palm funds But of NorthStar three complex for more migrating prospects. Bank. and locations digital simple brand and customers keep valuable rapidly Beach visible depositing part still
We our remote this full believe approach locations integrated needs. rebranded ATM technology, customers mobile customers’ an meeting provide suite now building locations, clearly aligns with customers. retail expectations. center products, for today’s online and approach convenience, We’re to our a We call a integrated
preference tax the to – we’ll at ever we digital of increasing monitor benefited we payment from adoption third move The recorded in share accounting. provision We’ve customer quarter accordingly. employee rotation and in provision react the tax benefited to improvements the of forward, quarter XXXX-X, million ASU $X.X As based income XXXX. continue
our expect be quarter the ahead fourth recorded we in for As of XX% benefit a in we the effective and looking quarter XX.X% approximately to rate XXXX. $XXX,XXX result, a tax and
Slide with our to internal in our adjusted the efficiency decreased Moving XX, XX.X%, objective. ratio line
near an target the adjusted mid XXXX efficiency with is Our exit XX’s. ratio to
strong revenue. continue to top generate streamline and growth organization a line build As we and
to XXXX of impacts to the ratio continue seasonal quarter. excluding improve first expect We into this
year XX’s. the exit with the low to is in target ratio efficiency an XXXX Our
Slide Turning during million. quarter XX, continue increasing third outstandings grow to to $XX the loan
annualized. Excluding the organically conforming million impact $XXX of loans or the mortgage XX% X.X% for sale, or sequentially
Excluding acquisitions pay the prior offset team our year. Record in quarter from downs. organic loans this XX% elevated grew was production commercial by somewhat over
continue Florida to loan expect continue client meet based and based we a the forward, relationship of approach receptivity and to underpinnings our needs. customer to to Looking helping production economy reflect strong community
record end $XXX at million of despite $XX consumer near at quarter very Hurricane aggregate ended quarter million. residential The levels Irma. commercial and remain $XX and business pipeline to pipelines million, strong the Our at small
XXXX, commercial community at lending Bank, Beach During Bank, GulfShore and have at Tampa. teams equipment GulfShore team will we the Bank, Bank teams Palm additive Northstar in
We building continue on book. to focus a diversified well loan
loan size commercial loan Our our commercial – $XXX,XXX. average size is
XX% to that relationships who from remember at course at third the of Those the XX portfolio. able underwriting volumes top attended Our a the down capital who less are upside quarter, or our risky were of requires. a percentage of total that is third end the of small XX% as granularity quarter the our XXXX. process of Day credit functions Investor loan The end
loan to high we This Looking stable. non-cash purchased and of includes loan expect the in mid-teens excludes XXX’s from credit continue the yield and effects XXX’s. accretion remain loans in impaired loan the forward, any growth outside acquisitions organic two should the In acquired included the or impact low pools.
to from by up were grew the quarter third $XXX prior XX, outstandings Turning $XXX Slide quarter-over-quarter million in year. million the deposit
to in short was year-over-year. Excluding deposits term growth offset short all in on prior. increase Deposit fund with – one lag deposits this was public increased outflow deposit paid the X% organic money points points rates the growth X% Without market of XX rates. by deposits across outflow quarter-over-quarter impact acquired accounts. partially from associated reflecting term markets total Rates five increased basis basis effect year
with X% phase increase aggressively expect in rates funding. is more compete we grow ahead Looking we deposit deposit for the in the modest customers outstandings range
point credit basis AXXX the of quarter. quarter cycle well rigorous understood and loan diversity through as from ended from non-acquired Turning prior declining portfolio nominal was basis mix on to customer at that the loan loan in in markets be the was In non-acquired credit and Slide basis one and continues a well the quarter coverage well from AXXX allowance The as quarter. known points mix loans and outstanding to the down loans builds granularity. maintaining the end, as to The quality quality portfolio. and sectors result for total the prior at orientation losses the another selection basis four XX points XX XX. strong the relationships in benefiting loan Credit emphasizes a quarter down improved
commercial year Additionally well non-acquire continue risk granular quarter diversified Through a quarter prior non-performing, period nominal, was continue net the quarter $X.X loan to decline XXX% and continues the maintain losses estate prior quarter compared quarter, in Net of real loss the totaling and recoveries the for in of and portfolio. compared prior. third commercial to we recoveries one to as concentration be Non-performing our loans year. for the and XXX% net $XXX,XXX same the in to the $XXX,XXX for XXX% $XX.X the in prior million. loans only charge-offs million during to of
losses Looking to position to influenced remains by lastly, growth. will XX, Slide turning loan capital be strong. forward credit provision continue the And for
capital asset at common XX. ratio was XX.X%, X September tangible leverage XX.X% was common ratio Our was ratio X our was equity Tier end. to X.X% capital $XX.X The equity total tangible Tier and quarter risk based ratio at
was to efficiency to exit per per goal the in earnings achieve our year mid our share ratio to and XX’s. adjusted share $X.XX an for guidance XXXX or the We $X.XX a expect
to loan call and Deny. robust organic economy. We the growth continue the look or and continue turn position your – then Florida position capitalize over strong capitalize and capabilities, I’ll related We on to the acquisition to expand now digital back in questions. forward our strong analytic generate
