Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q1 2023 Earnings Conference Call April 28, 2023 10:00 AM ET
Company Participants
Chuck Shaffer - Chairman and CEO
Tracey Dexter - CFO
Michael Young - Treasurer and Director of IR
Conference Call Participants
Operator
Welcome to Seacoast Banking Corporation's First Quarter 2023 Earnings Conference Call. My name is Carlos, and I will be your operator. [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 the - that act. Please note that this conference is being recorded.
I will now turn the call over to Chuck Shaffer, Chairman and CEO of Seacoast Bank. Mr. Shaffer, you may begin.
Chuck Shaffer
Thank you, Carlos, and thank you all for joining us this morning. As we provide our comments, we will reference the first 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.
Our first quarter produced another strong period of adjusted pretax, pre-provision earnings and a solid result in our adjusted pretax pre-provision return on assets. While the quarter included the day 1 CECL impact and other customary merger expenses associated with our most recent acquisitions, our underlying earnings performance and forward-looking capital generation were strong.
Quarter-over-quarter, Q1 highlights include growth in deposits, only modest NIM pressure, increased liquidity ratios, continued robust capital - a continued robust capital position, strong asset quality and assets under management increased to $1.5 billion. Additionally, on January 31, we closed our acquisition of Professional Bank, materially increasing our South Florida market share.
As you all know, the banking industry saw significant volatility in March. These events emphasize the importance of Seacoast's granular and tenured deposit franchise and disciplined credit and conservative balance sheet principles. And these events are a reminder of the value of Seacoast fortress balance sheet, which has been built over a 96-year history.
We are pleased to report we saw no impact to deposits as a result of the three bank failures, and we've added a new slide showing our weekly deposit trends. Our deposit base is stable, providing a significant source of strength and is supported by a broad set of relationships.