Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q2 2023 Earnings Conference Call July 28, 2023 10:00 AM ET

Company Participants

Chuck Shaffer - Chairman and Chief Executive Officer

Tracey Dexter - Chief Financial Officer

Michael Young - Treasurer and Director of Investor Relations

Conference Call Participants

Brady Gailey - Keefe, Bruyette, & Woods

David Feaster - Raymond James & Associates

Brandon King - Truist Securities

Stephen Scouten - Piper Sandler Companies

Operator

Greetings. Welcome to Seacoast Banking Corporation's Second Quarter 2023 Earnings Conference Call. My name is Malika, and I will be your operator. During the presentation, all participants will be in a listen-only mode. Afterwards, we will conduct a question-and-answer session. [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.

Please note, that this conference is being recorded.

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

Chuck Shaffer

Thank you all for joining us this morning.

As we provide our comments, we'll reference the second quarter 2023 earnings slide deck, which you can find at seacoastbanking.com.

I'm joined today by Tracey Dexter, Chief Financial Officer; Michael Young, Treasurer and Director of Investor Relations; James Stallings, Chief Credit Officer; and David Houdeshell, Director of Credit Risk Analytics.

The Seacoast team produced another quarter of solid financial performance with strong adjusted earnings resulting in an adjusted return on tangible common equity of 16.1%. Our capital on liquidity ratios were robust and our asset quality remains excellent.

As noted in our press release, in June, we completed the technology conversion of Professional Bank. This wraps up a concentrated period of acquisition activity that boosted Seacoast beyond the $10 billion in assets threshold, definitively positioning Seacoast as Florida's Bank. The company now serves the entire peninsula of Florida with a presence in every major market in the state, expanding our unique locally resident banking brand across the strongest economy in the nation.

With Professional Bank conversion completed, we have aggressively reoriented the company to focus on organic growth through the remainder of 2023. We will leverage the exceptional talent we acquired in recent years in combination with additional marketing investments to drive customer and low cost deposit growth. We have launched a large-scale enterprise-wide plan that involves every employee in the company focusing heavily on customer growth, fee income generation and streamlining operations to allow our bankers to execute with speed. We expect this refocus plan to be a significant pivot for the company, resulting in much stronger customer acquisition for the balance of 2023 and beyond.