Seacoast Banking Corporation Of Florida (NASDAQ:SBCF) Q1 2022 Earnings Conference Call April 29, 2022 10:00 AM ET
Company Participants
Chuck Shaffer - Chairman, President & Chief Executive Officer
Tracey Dexter - Executive Vice President & Chief Financial Officer
Jeffery Lee - Executive Vice President & Chief Digital Officer
Conference Call Participants
Brady Gailey - KBW
David Feaster - Raymond James
Michael Young - Truist
Steve Moss - B. Riley Securities
Operator
Good morning and welcome to Seacoast Banking Corporation's First Quarter 2022 Earnings Conference Call. My name is Brandon, and I'll be your operator today. [Operator Instructions]
Before we begin, I've been asked to direct your attention to the statement contained 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 this conference is being recorded.
I will now turn the call over to Charles Shaffer, President and CEO of Seacoast Bank. Mr. Shaffer, you may begin.
Chuck Shaffer
Thank you, Brandon and thank you all for joining us this morning. As we provide our comments, we will reference the first quarter 2022 earnings slide deck which you can find at seacoastbanking.com. Joining me this morning is Tracey Dexter, Chief Financial Officer; and Jeff Lee, Chief Digital Officer.
The Seacoast team delivered another outstanding quarter of earnings and growth, generating $41.7 million in pretax pre-provision earnings, 7% annualized loan growth across multiple loan categories and an impressive 25% annualized growth in deposit outstandings. In addition, the investments we have made in client-facing technology and high-performing bankers are generating solid performance in new customer acquisition and organic balance sheet growth. I'm incredibly proud of the Seacoast team's focus and dedication to building the most competitive banking franchise in Florida, integrating our recent acquisitions successfully and driving continued transformation across our technologies stack.
During the first quarter, we expanded our franchise in Fort Lauderdale and established a new presence in three markets: Naples, Sarasota and Jacksonville and announced the acquisition of Apollo Bancshares, bringing five new locations to Seacoast in Miami-Dade County. Apollo will enable us to grow our presence and expand our position in the attractive South Florida market and we look forward to welcoming their employees and customers later this year. Overall, we have received a very warm reception in these expansionary markets with customer onboarding occurring in Jacksonville and Naples which contributed to the growth in pipeline and deposit outstandings.