Seacoast Banking Corporation of Florida (NASDAQ:SBCF) Q3 2022 Earnings Conference Call October 28, 2022 10:00 AM ET

Company Participants

Chuck Shaffer - Chairman, President and CEO

Tracey Dexter - EVP and CFO

Jeffery Lee - EVP & CDO

Michael Young - Treasurer and Director of Investor Relations.

Conference Call Participants

Brandon King - Truist Securities

Stephen Scouten - Piper Sandler

Brady Gailey - KBW

David Feaster - Raymond James

David Bishop - Hovde Group

Operator

Welcome to Seacoast Banking Corporation's Third Quarter 2022 Earnings Conference Call. My name is Cheryl, and I will be your operator. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. If you have a question, please 1 on your touchtone phone -- before we begin, I have been asked to direct your attention to the statement at the beginning of the company's press release regarding forward-looking statements. Seacoast will be discussing issues and 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 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. Schafer, you may begin.

Chuck Shaffer

Thank you, Cheryl, and thank you all for joining us this morning. As we provide our comments, we will reference the third quarter 2022 earnings slide deck, which you can find at seacoastbanking.com. I'm joined today by Tracey Dexter, Chief Financial Officer; and Michael Young, Treasurer and Director of Investor Relations.

Let me start by thanking the entire Seacoast team for their tremendous effort in recovering from Hurricane Ian last month. All Seacoast branches opened within a few short days and the group quickly transitioned to assisting our customers and communities. Additionally, the team properly reverted to closing the Drummond and Apollo acquisitions and 1 week after the storm pass, they completed the technology conversion at Apollo, of which I'll say a little more in a moment. I'm very proud of our hard work and resilience and for supporting our communities in the face of such a challenging weather event.

And to comment further on Hurricane Ian, we reserved a little over $2 million during the quarter, related to the storm based on an analysis of our exposure in the hardest-hit counties of Florida and an outreach program executed by our banking team. The results of the qualitative feedback from our bankers and customers and the quantitative analysis performed by our credit analytics team has been favorable, leading us to believe the impact on Seacoast may be limited given the path of the storm, which primarily impacted Southwest Florida, where Seacoast has less exposure when compared to the remainder of the state.