Earnings call transcript Q4 2022

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Operator

Greetings, and welcome to the Seacoast Banking Corporation's Fourth Quarter and Full-Year 2022 Earnings Conference Call. My name is Malika, and I will be your operator for today. [Operator Instructions]

Before we begin, I have been asked to direct your attention to the statement at the end of the company's press release regarding forward-looking statements. Seacoast, will be discussing issues that constitute forward-looking statements within the meaning of the Securities and Exchange Act and its comments today are intended to be covered within the meaning of that Act. conference recorded this that note is being Please

I Shaffer, Bank. Chairman turn the Mr. to Chuck conference over and you now will may now Shaffer, begin. CEO of Seacoast

Chuck Shaffer

for all Thank morning. us you joining this

XXXX joined of our Michael provide Young, Officer; can the and which will As Investor Tracey earnings seacoastbanking.com. Dexter, we deck, I'm comments slide at and Director Relations. by fourth Treasurer reference quarter and full-year today find Financial you Chief

franchise remarkable competitive Looking Through billion throughout state back the we in launches, Florida. our threshold. made and strengthened progress and at position market new $XX in assets acquisitions expanding XXXX, the across we the across

the with resulting in Business entered and continuing desirable We year the teams, started County. Florida of our growth Bank Bank the in the the in in than both we customer transactions, markets months. Sabal quarter, better de Brevard the Florida XX first with novo and in Sarasota Palm of growth last Also Naples expected market completion us over Jacksonville and putting

even dynamic early the our of franchise Florida expanding with North markets. acquisition in in both we presence acquisition. the and team Drummond including Apollo we during C&I we County expanded October, into the the of further. Miami-Dade reach October, Ocala Professional South our in exceptional market addition And announced our and Florida completed quarter, Gainesville third Also Bank, covering added Bank expanding In an the

prior officer language aggregation, team bankers proved enhanced customers. with Moreover, budgeting We account XXXX of adding a transformative credit onboarding, conversion over on meaningfully better throughout improvements. Spanish significant Zelle, experience Florida, treasury in delivering officers digital recruiting the a productivity in experiences early increasing well-seasoned customer commercial year. XXXX, year Completing and to our our banking commercial continued and we focus other our tools, several digital digital digital

to near to a $XXX in operational and Seacoast Throughout year-end. had leading areas $X.X bank. as investments setting also exceptional the management technology assets apart outstanding XXXX, billion made year, to ourselves community our year, resilience bring team talent, under an had of adding transitions mid-size we at Seacoast and wealth million Florida's Our all bank. across an to scalability building

finished our financial expanded excellent during loan year results. with points. to XX Turning fourth The basis our with team points prior We the quarter, the interest materially from performance. yields increasing the margin quarter XX rising basis net

relationship We beta evident deposits an rapid more only the than less same This X%. cost franchise is wholesale of of points. versus basis At time, believe more XX other granular models. business growth model rates to cycle strength increased the period of of becoming the transactional higher date interest represents finally and impressive a our our a deposit lending during focused

generated We pre-provision adjusted $XX of an increase the in $XX.X earnings, pre-tax, fourth million quarter. from quarter million prior

While ratio. efficiency XX% achieving a

adjusted Our tangible XX.X%. to quarter tangible pre-tax our improved pre-provision from equity assets fourth to up return return on X.XX% improved XX%, adjusted and on

peer group. X.X% the absorption Seacoast a the ratio coverage included strength position quarter rate. backstop ACL ended top considering ratios TCE our coverage X.XX%. We of allowance the of to loss capital continues in of at purchase a X.XX% of at the an accounting from ratio a with marks, the And with operate and company's

the the wealthy attracting state's Florida and rest the given years. few affluent over drivers. accumulation the further the downturn nation of a and growth the the exceeded economic every country, population GDP wealth Florida potential adding materialize, materially and individuals should the and corporations, Additionally, state has to outperform to state's has in last bolstering

And diversification relationships conservative with while growth product to as to and a be nurturing driving building diversified cost our portfolio and carefully consistent a remain lender metrics outstanding by client has term we funding. rate long been underwritten focused the built by credit over continue reminder, segment a a vintage. type full Our disciplined bring portfolio on low and

weather A ahead. provide growth are capital credit gains, underwritten final sheet and Further with opportunistic and levels, should continued such offensive CRE that be concentrations strength peer optionality low can acquisition volatile including a market leading and economic strength opportunities. strong thought, carefully C&I share economic any potentially portfolio of we more the challenges very organic Florida to considering believe environment and balance

over call I'll Tracey. to now turn the

Tracey Dexter

everyone. Thank you, morning, Chuck. Good

to cost net X.XX% basis Loan of your to yields and and points X. core combination maintained low results, higher on deposits acquisitions The quarter expanded the X.XX%. beginning supported Slide attention during a XX the quarter with basis in the at with net we higher on interest XX margin fourth points to Directing interest basis highlights expanded margin. originations, book

the rate to cost expect the We've basis the deposit points. increase rate at environment. exception we but deposits quarter only Our of a months, in movement increased an of basis managed points largely the of and the the see XX competitive given quicker basis since during do XX cycle, to fourth on velocity pace an beginning pricing coming

earnings X% million million and as Pre-tax, adjusted a pre-provision XX% quarter-over-quarter merger percentage assets earnings to continued when for $XX to tangible amortization and to period, $XX.X X.XX%. pre-tax, growth acquired increase to each related in increased with intangibles and pre-provision of of costs

organic growth. loan delivered We

focused quarter, annualized this acquisition remain through relationship on of our this we growth standards growth organic and quarter. disciplined credit And to lending. XX% addition saw In

XX%. of quarter the yields keeping credit the and is in standards weighted December ended X.X%. The and to a with add-on basis Average and increased the loan-to-deposit points X.XX% that the combination quarter bank's slowing average loan emphasize loan reached prepayments. is yields growth in XX solid the production at I'll ratio

X.XX% to Hurricane metrics that provision of third total for $XX not potentially prior acquired release provision million materialize. the of $XX.X loans the the in is $X.X risk Drummond loans million of with representing The resulting and losses the non-accrual by losses initial established remained quarter Apollo to provide in credit for strong, offset X.XX% compared Credit we did on reserves Ian, quarterly quarter. from in in loans, the million impact including

and total to a $XXX wealth possibility conditions. the bright and stands loans team management quarter The for the potentially in X.X% last adding the assets management full-year for particular was the months. at the economic continues allowance Management with XXXX spot deteriorating XX Wealth million during over credit of reflect losses under of

the And and with the the as of on second Xth, you on of been acquisition system on Bank closings in expected the upcoming October know, Drummond January significant quarter the activity XXXX. front, of there has XX, M&A and late Apollo Professional conversion including transactions

net the Slide with loan PPP million basis interest Net X. to X.XX% margin points by quarter, XX% on higher acquired excluding basis just and and interest higher $XX.X yields Net Turning income accretion adding to XX expanded increased balances. XX margin during over to interest loans, X%. and expanded points

and XX In to basis X.XX%. points yields the securities expanded basis portfolio, to yields X.XX% loan points increased XX

to continue points XX% a points. funding XX from We deposits the basis benefit base only and XX transaction low-cost with basis accounts of to strong increased cost

during and longstanding additions further Drummond the Apollo quarter the with In banks, of enhance granular deposit relationships. base

first competition with yields we actual more $XXX sheet expect modeled $XXX million in pace coming highly outpacing net million dependent range driven deposit and and securities Looking by outcomes expansion balance interest income the growth continued ahead, the a between of and net In the on quarter. in deposit interest loans increasing velocity quarter, on and the increasing costs. of modestly income, we

interchange and X. and an income in $X.X quarter increases the Slide a the to from prior management revenue of increased saw decrease year X% increase from was million prior XX% We Moving prior non-interest previous quarter charges service $XXX,XXX quarter. wealth revenue Adjusted $XX.X quarter. the and from from of million, year and

performance of to with quarter $X rising mortgage quarter, of million Comparing related income compared about quarter XXXX. to of in decrease banking the the impacted the in lower the activity overall by XXXX mortgage to prior fourth year $XXX,XXX rates relates fourth

growing on Looking which $XX Professional million, the and expect activity ahead, we the revenue expanded from first income of Bank. of range quarter non-interest sources base benefit to in with continue a from our includes million we broad $XX to partial franchise, the quarter focus

quarter the important customer was it's for and note million, materialize, will the Apollo to of Slide quarter. associate Drummond synergies Moving cost base non-interest guidance the and second last which expanded XXXX. prior $XX.X provided aligned quarter the growing to fully was quarter we Increases that were from than lower Adjusted beginning the X. base the and expense with in

the on statewide benefits an the transaction in increase $XX.X adjusted the and basis as franchise processing in based during and increase Data typically million, incentives Salaries with are expanded increases base quarter. reflecting volumes. the higher higher and Seacoast's customer production aligns larger increased to commercial as support related to volume well staff

the with amortization, quarter. of during addition full-year costs the including intangible Bank addition be related occupancy Drummond. footprint million. quarter approximately the and million bank's assets increased Apollo Amortizing we fourth are and in-line the the Professional these increase was deposit the quarter to of expect during Similarly, $XX in during $X.X of assets the the Amortization core with

Looking discipline expense maintain support ahead, our we while investments continuing to expect to growth.

to for expect million the the the partial organization results a inclusive in an that with $XX would basis, of operating Professional. growing the of expenses, adjusted size $XX Drummond On million of intangibles, and We the quarter and million. $XX first $XX to scaling of range quarter million of excluding amortization Apollo be

the improved an adjusted X, Slide ratio efficiency basis On XX%. on to

investments our for company we leading Florida we in to continue consistent growth on by our the the discipline, with focus evidenced scale efficiency. As become and our pace markets, bank

Looking efficiency maintain in expect XXs. the ratio XXXX, low forward the full-year to the to we

the our remained concentration. diverse managing Turning construction and and to Slide below XX. The concentrations real chart below exposures continued the upper credit levels. the highlights mix and approach peer commercial the right regulatory well guidelines left our disciplined to estate In of of well slide, on

$XXX demand the increased forward, slowing annualized rates. Commercial impacted Turning we're to seeing quarter million Loan generally up originations prior excluding XX. market XX% an were basis. rising over by Slide on or and outstandings acquisitions looking

yields the X.X% points add-on average loan core to quarter reaching increased weighted with basis December yields X.X%. by during the XX Average

growth continue core quarter purchase Loan expecting rate in yields XXXs environment the pace range. We higher accounting loan accretion rate excluding growth in quarter first the first to expand from will benefit digits. to the annualized we the mid-single moderate to the the in expect somewhat, meaningfully expect and of an to yields

duration securities the have the extended to portfolio quarter. XX. during Slide to and fourth quarter in somewhat in the investment increased AFS the in average has portfolio, quarter the by X.X Values to third from stabilized basis X.XX%. XX points In X.XX the Turning around yield

outflows which Turning billion accounts. approximately to under totaled were just non-interest is of Net Deposits outstanding of $X.X balances. There billion, $XXX demand of an bearing increase acquired XX. September. $XX in Slide million from

dynamic increasingly the points only the is of did will and a rate environment sensitivity quarter. from impacts increased increase and with quarter of the general the market. faster in expectation we cost outflows liquidity our by Our The at in cost deposits XX competitive some deposits is first in and of basis see than pace a absorption fourth that

from In Bank. cost low to deposit peers the higher of Professional of said, adding we highlight of outperform the addition impact expect cost strength to to continue our deposits environment serves base. to the That

to difficult given competitive the forward points. of Looking basis our impact cost to quarter, XX expect deposits. precise the of Providing increasingly including above dynamic we for Bank, is Professional first more market move the deposits guidance

XXXX. in to revenues and Wealth results outflows strong to quarter X% to contributed quarter deposit the of XX% previously the the Management XX, Slide mentioned to The the Moving division. compared Wealth third for increased fourth part compared

two $X.X million You'll increased $XXX nearly today. assets to from ago management see that years under billion has XX%

quarter Moving watchful the strong. $X.X need. portfolios very pressures the Hurricane credit acquired the Drummond, not and on by million set in inflation million offset X.X%. $XXX.X assigned basis which credit the $XX Slide to points topics and quarter impact metrics ongoing aside million release during are to rates remain an to The Ian, The but with from included XX. of higher million remain $XX.X the of economy million with fortunately, to of was Apollo by increased did decline overall carefully on for for coverage considering X this losses a allowance $XX.X of provision credit on our We though

of Charge-offs loans X.XX% total on represent only to loans overall points risk-based Moving this to performance, in is to The conservative Non-performing And and continue lower affect increased loans. modestly might and for grading were we release loans, the losses hurricane allowance criticized loans. that the capital of total portfolio. again the acquired X.X% to the X modestly allowance, loan Slide XX. on at assess the factors credit reserves. basis percentage attributed the of quarter with of environment

fortress maintaining balance we're On our capital Slide very continues to be sheet. our XX, strong position to and committed

in shareholder income, acquisitions quarters prior You will equity the effect of year can of comprehensive the decline from dilutive accumulated fourth the other while those the somewhat and strong We're in this equity value to time. driving quarter common XX.X%. The see return measures on ratio to tangible committed this of over equity X.X%. tangible a assets common return In adjusted creation. on is was tangible tangible quarter,

levels, bank. considering capital in if to summary, customer franchise, quality selection, and to one materializes strongest Florida's our and leading opportunities acquisition balance prudent providing credit and of and peer optionality In continue the flexibility recession industry, growth be organic we client culture build sheets the leading community opportunistic have high and to a

to I'll the turn to call forward questions. you. Chuck, look We'll your back

Chuck Shaffer

thank incredibly work associates and of to for the you hard I Thank call. effort. you, Q&A, Tracey. you on a all year. proud say, truly I'm to we just want and go of was your And all the before XXXX you thank Seacoast all to special

Q&A. Okay. we're ready Operator, for

Operator

[Operator of go Brady the ahead. is Please Instructions] Gailey. Our first line from phone question

is line open. Your now

Brady Gailey

we with I entire Or seasonally first you to start the that you're year? digit. the for Should sounds after you digits of get guys know the to mid-single you more quarter the as the high-single through think had back expecting So, appropriate you of XQ? get I mid-single about year. loan wanted for kind at high-single the slow area like growth. think do digit It in been

Chuck Shaffer

real good a had a maybe and additions the driven the and half Yes. by of and at And additional that growth to We lot was quarter, franchise. over relationships the back for that and last a it looking to part mix of quality was large generally was we loan between year, high joined the year C&I really over really come very see new added back commercial very nice it the quarter the the great teams. relationships with talent, estate,

towards pleased we're hitting the also of about a talent very so year. we the the result the the quality with XXX of with As hired outcome, pleased and there rate add-on average end

beyond nice pull in new it's looking digits the tough loan and guiding first up forward, we're quarter guidance quarter. provide So And yields. then to mid-single for to

curve. the this say, I given would of inversion at point the

beyond see how we have I out deposits digit as prudent with add QX. Brady, opportunities we'll move us for quality and loans. be and guide to to this come high the think cautious high it's as thoughtful mid-single to year, through particularly both quality on will for they coming period play But that but for relationships to things

Brady Gailey

line yield ticked Okay. the first your combined. million, almost more And add you're that And then $XX in accretable yield but of any the accretable yield was bucket, into three difficult to full-year I than really forecast. I up XXXX? very be item what the about be could for the fourth quarter, was at quarters that it it can professional know that know for shot year

Tracey Dexter

expectations. environment October line quarter Yes, and bit came of banks, - impacting the I yield. with in fourth date marks so in back came our for driven really point, X the we marks rate higher rate think, in at closing. the The marks to But credit of the the accretable estimates with when rate look acquisition a both and those measurements the on off the your

of about Professional about And model that. think the we with Bank higher and it $XX as little as model kind or forward, move the you difficult quarter, but so the fourth first, you'll out, a $XX million and I the see point quarter our in after a look addition to X.X number of first in in shows accretion million

Brady Gailey

been lastly Okay. in has from active I incredibly mean, then M&A. All me, right. And Seacoast

rate with deal nowadays is - week. you the ever do know how in next I bank M&A but component, your bank about think biggest just tougher M&A. mark close You're

you as time lot still are the a to deals and done or could pause what You've stop it and this see Professional on beyond and digest year? additional you done you've offense

Chuck Shaffer

convert middle of Drummond, our the first first about done around I right think and about week plan the week think that is for about of June. the February, us in way the we're the - convert to to Professional is we'll we'll here then get M&A

not be are out time what come at it and we as M&A, Professional, be but of model we think and make have dependent so in and that can backs highly earn able or obviously, to available And but would to not sense only whether credit pricing upon to I also will have be sense, M&A conditions make to liquidity, cetera. ready et do market reserve,

but few last to franchise. where get technology dependent operational from be job on we it an there, talent the over and think when perspective, very the in years, So done would stand we've scale a adding I good things

the think of we've growth ahead I been plan. out

And be ready, but on will be dependent the it so will environment.

Brady Gailey

makes right. Thanks sense. That guys. All Okay.

Chuck Shaffer

Thanks, Brady.

Operator

Thank you.

Our of Feaster. open. your line the next now Please question go is is David from line ahead,

David Feaster

to I talked this to doesn't growth wanted are of here, clients avoiding And back get mean, this I loan the there if coming having - anything your How desk puts at starting is like versus but guys what the providing economic just make given less for things are where to about or across still much takes could still backdrop? weaker maybe, I appetite good from or maybe sense? what you side. of circle the wanted talk you slow, of that about what And slowing are an point returns? to risk-adjusted right. and segments credit sectors demand maybe some sense you just it loans just

Chuck Shaffer

Growing bank curve. David. the an into inverted Yes. Thanks a for question,

just estate sector, at to seems pretty you are. the dramatically dramatically - And less prudent we're look and As it seeing you and commercial also just And same about. driven it much transactions really by in things when have here, in deal in market look pretty real are what transactions have and I and mentioned slowed slowed on the rates we're at thoughtful last see residential the something question when interest like cap both be we is the have being particularly rates where thing.

Customers marketplace real estate remain are are cap and higher in, low. commercial much the are rates rates then in rates and lower, that

relationships So there there. so pulled the this certainly last being environment I of transactional want that at operating sense pretty we're but we have property looking say, would less still construction stretch borrowers do sense. and volume. to at well. and makes back out still and know at and C&I looking point, make strongly you we've income where companies where they we we're respect where thoughtful And And stabilized into producing we're leverage thing

We around are the pipeline - we're company talent really on we've C&I and seeing much looks the seeing brought given some nice side. into the C&I nice of

taking we're We'll estate on So deals balance appropriate the and there. again we side kind move full the have need our deeply do client. pretty we of good playing opportunities through sheets the understand firmly cash as we're way real And need strong time, strong where borrowers. really is to there, understand balance the flow commercial but relationships here we game sheets, understand we leverage, liquidity,

a think it's I the we're well. navigating But pretty it environment. conservative given so And approach,

when always where the the is, step over we've sheet at you balance on we our history credit yields spots the really focused And organization on good of and have back and relationships the loans, and really balance sheet pick structures carefully. good just construct we look and the way -

David Feaster

coin, of on maybe funding. just the other then the side on And sense. makes That Okay. touching the

pressure, price seeing are that costs increasing how of are it's great doing just you're quarter surge are talked this just alleviate sensitive how clients you as deposits You days forward. our Slower extremely and you we of deposits, there. does leaving. about, job more curious much about costs Obviously outflows a growth that. accelerating, I'm deposit managing what curious, look - competitive like the think but some out

outflows so funding even to manage cash get how in rates to thoughts bond or higher borrowings, debt. borrowers pay potential market plan you any the down versus you between cost then brokered And future higher just maybe sales? just using potential And security on

Chuck Shaffer

David. question, bond You competitor in a the deposits. The captured obviously, bank it to market, all now

short When overall the marketplace pace I Community you obviously moved not the look curve, certainly think, Banks. a the the the seen you of strong, that on National created deposits, which in rates Banks, at for real but competitive. up end only can the of in bank

of banks When what you in terms and a fact that lower we had look our companies quarter-over-quarter there we driven transactions marketplace. the across look it, that's of the about the lot was and in and very happening is to $XXX national balances and similar saw at will a shrinkage deposits we attorneys less trends, million be that part just title

balance those have our remainder their rate just sort pressure. you having you accounts further, million under and That if those of of the $XXX,XXX accounts franchise, it generally are back it Seacoast's was, and at have then customers of said, under XX% $X in million. some, when less accounts, we obviously, of And peel look being XX% $X at accounts

our granular - that's in almost So of we think that depository and built we unique on we I quarter's in the a these over franchise evident been is funding are side in a that's lot very and have the prior environments and results. a provides XXX terms strength strength XX% base of that years transactional

we looking some so, to and franchise on the comments you better deposits on, period transactional the banking the we're built over And us think move community, given the forward just to granular relationship ability our moving to forward. I'm time. most nature But thinking than a Michael, perform want I very compare most way we you when confident when as of about forward. give long

Michael Young

David, to that. I'd Yes, just add

gap will balances done, the move just manage kind very and we'll and more we're I hold rate that optimize FHLB environment we'll go-forward throughout grow we NII. position basis, forward competitive some have and The with XX/XX lot in of obviously net we'll to in a dictate of as if think volume of them. fund we as borrowing of not steady year but on in as so we potentially the any borrowings, that or a kind a interim, look to

beta a cumulative the basis. cycle still a thus X% deposit far, throughout have we're sub on we As

and outperforming reminder prior stand-alone we a beta cumulative we were still deposit at cycles, XX% on good about performing potentially a pretty that feel or As basis.

in So a as other But step little her that, manage more you comments to continue just drive than deal through a kind closes growth. one-time mentioned of up up. that hold prepared will Bank Professional to we'll Tracey rate just with from or see step balanced once this the

On and security to just positively market expect NIM into purchases think we I that additional that the today. we're side, forward. we'll securities to overtime or be there, that getting of picture will yields helpful you remix mentioned amortize that the grow the book And down kind should wouldn't let very overall high loan going in

David Feaster

What you're securities year? are expecting that the cash this flows

Michael Young

million million million. little Yes, about to $XXX the projected come a could about growth a good $XXX of would from percentage that for loan our year. the pro-banks, kind fund $XXX of extra and bit that's level The -

David Feaster

And Okay. then question. circling back maybe of the M&A just kind to

how high quality look curious, side, attracting given really this other and versus alluded job a I'm had challenges how some just think about we as about bankers. phenomenal the just And point to? forward? do you the recruiting On think at you you M&A recruiting of that you've recruiting

Chuck Shaffer

think will cases, I opportunistic. both Yes, be we in

we out for rates banker number the the now and of ahead. the we have think is appropriate in see company size I bankers right our growth

we and where to see in. it adding, we're be will markets want be high quality we talent if very So

pipeline been of which and lot talent join has really we of have momentum of brought lot a company that great see The demand wants continue the franchise. that news folks to exciting the we a join is in, to large

the that in in and that's all Florida conjunction the And you disruption very bankers talked we're building the as brand above a and helpful have with of now the across that's past, know. been at we've up quality a state bringing names unique where a and and size in lot we're lot high we us of happening

our that so all and environment this to down our that knowing away, cost push we'll through we through base. to manage as manage opportunistic we're going as we be time, move carefully continues expense And move

get but will opportunistic, makes marks It pricing with We about M&A. be Same have if at just works. we we're our and earn and index. deal to about to comfortable liquidity in it, It's and backs be thoughtful we sense, look credit. with can be thoughtful would want in the environment we

Michael Young

I'll of just that add. lot production set already the a And capacity already we got banker David, We've have. within

hire the again, always want there's build to to So franchise not point. we a drive opportunistic to over and time. at this growth be need But

Operator

And question is the Brandon Thank King. go from line you. our next Please of ahead.

is open. line Your now

Brandon King

So another and kind wanted year your quarter sense the from I get bearing mix see underlying as how question that deposits. Was came more from. a outflows interest-bearing? that then you to just intent of as were to it far mix for for on of in outlook do there, grow the non-interest than trending And the deposits?

Tracey Dexter

some types, might are it and balances Yes, largely, seems non-interest bearing just from and consistent lower Brandon. account other Most so accounts. those be expect, you of saw to as We the movement absorption stability deposits quarter, in that's Michael expect, that fourth pricing kept we've at came funding with to the in to low. forward, going seeing costs. higher on the incrementally deposit what We costs but We greater deposit do said, balances chose in manage way been industry. as across really a our

have I So, the through behavior, in patterns our some movement. to pricing But think of customer stabilization stabilized terms bit. we'll strategy a continue potentially rate shifting seek of

Chuck Shaffer

just I'll add. Yes, Brandon.

that demand the from liquidity. seen down side, just and surge a just a balances excess little on deposits of bit think deposit the we've average kind come of account I lot

position, more better a at levels. So, more surge pre-liquidity to we're relatively back similar probably stable

and growing be accounts better, that cetera. bit So should focus but little market with money core commercial a we on customers, relationships will to continue et

growth forward. going see there incremental So, you'll

Brandon King

be what company people and to might of this year. know performance back could that Fed I half year the in - and - next the does then And sense Okay. of the little but cut rates how levels performance a expect this pre-mature,

what a how balance environment? from Just perspective that company is sheet as in a perform position far as could

Chuck Shaffer

Yes, Sure Brandon.

we'd be well. NII up dynamic scenario, point little down more an XXX as over and scenario, a up about we would than look would in X% little X% Our XXX be be basis down

reduced, So pretty as perspective well levels been asset rates. outcomes at has sensitivity from reach our we symmetric and higher that as absolute

positioned of much sensitivity So, not well risk today. we're I think as and a pretty there, lot

continue is minimize basis a we'll given Seacoast of that think seen at downside quarter. to this we're funding level I evaluate basis, an in on today to rates as we've downside and franchise, risk strength our the obviously, risk, rates for absolute terms interest our high

And want going the that strength sure so make that we of we maintain forward. to monetization

Operator

to I'm moment, Thank you. at the showing turn it speakers. this further And no questions, back I'll

Chuck Shaffer

you for joining thank and all you us. Thank

As the the the our And great franchise, focus It's team on they year. and the the quarter over and work for put a Seacoast I showed results strong was the the in remarkable franchise everybody quarter. reiterate last strength just year. truly hard to It the long run. and see to just appreciate building of

all, you thank call. our conclude think So, and I will that

Operator

and disconnect you. today's thank gentlemen, Thank you call. please This that your your for day. we good ask you participation Ladies and Have concluded a call.

Seacoast Banking Corporation of Florida (SBCF) 27 Jan 232022 Q4 Earnings call transcript